REG - Helical PLC - Helical agrees over £50 Million of disposals

HelicalAnnouncement

24/05/2022 07:00

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RNS Number : 5070M  Helical PLC  24 May 2022

24 May 2022

 

HELICAL PLC ("Helical"/the "Company")

 

HELICAL DISPOSES OF FINAL MANCHESTER BUILDING WITH SALE OF TRINITY FOR
£34.55M

 

Helical plc, a UK real estate investment trust (REIT) specialising in the
redevelopment and refurbishment of highly sustainable, best-in-class London
office buildings announces that it has simultaneously exchanged and completed
contracts on the sale of Trinity in Manchester, to clients of Mayfair Capital,
for £34.55m (£590 psf), reflecting a net initial yield of 5%. The sale
represents a premium to book value, net of rental top ups.

Located in Manchester's prime city core, Helical acquired the property in May
2017 for £12.9m and undertook a comprehensive remodelling and refurbishment
to deliver 58,533 sq ft of modern office space across ground and seven upper
floors. The property is currently 76% let to eight occupiers.

Will Parry, Senior Property Executive at Helical,
commented:

"This disposal again demonstrates our ability to successfully repurpose and
reposition assets to create best in class buildings. This sale concludes the
disposal of Helical's Manchester office portfolio and the proceeds will now be
recycled into new opportunities in our core Central London market."

Mayfair Capital Investment Director, Phil Sturdy, commented:

"This asset matches our client's income requirement and reflects our
investment strategy of investing in high quality buildings with good
amenities, located in core markets, to deliver our investors attractive,
low-risk income returns."

Helical plc was advised by TT&G Partners, Mayfair Capital was advised by
CBRE.

 

For further information please contact:

 

Helical

Gerald Kaye/Tim Murphy

Tel: 020 7629 0113

 

FTI Consulting

Dido Laurimore/Richard Gotla/Andrew Davis

Tel: 020 3727 1000

schelical@fticonsulting.com (mailto:schelical@fticonsulting.com)

Mayfair Capital

Phil Sturdy/Ned Pumphrey

Tel: 020 7495 1929

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