Helical Bar said life was proving “far from dull” as it continues to focus on the sale of non-performing properties and reinvesting in core areas.
In its interim management statement for the four months to 31 January, chief executive Mike Slade said it was continuing to focus on the disposal of its non-performing properties. This would enable the company to invest in new developments and good-quality secondary assets.
He added that the proceeds from Helical’s placing before Christmas had been added to the cash released from recent sales to increase its spending power in the market.
Helical completed the purchase of Newmarket shopping centre in Suffolk from the administrators for Lloyds Banking Group for £17.75m – an 8% initial yield. It has also exchanged contracts on the acquisition of Ashfield shopping centre in Nottinghamshire from LaSalle Investment Management for £16.1m – an 8.5% initial yield.
Slade said that Helical is continuing to find good opportunities in a difficult investment market where stock picking was key.
Helical has also sold 2-4 Eastcheap, EC3, for £9.5m – a 6% net initial yield – and Sawston trade park for £5.4m – an 8% initial yield. Both properties were part of the F3 Portfolio acquired in June 2010.
At Bramshott Place, its retirement village in Liphook, Helical has exchanged or completed the sale of 59 cottages and apartments, with a further 23 in solicitors’ hands out of a total of 151.
Helical’s refurbishment of 200 Aldersgate, EC1, is now complete and the 360,000 sq ft office is being marketed to let. It has made a strategic acquisition of Stadium House, Wood Lane, adjacent to its White City, W12, site. Helical has also made disposals from its development portfolio totalling £16.5m at a 5% discount to book value.
annabel.dixon@estatesgazette.com
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