Helical has confirmed that it is selling the 20-property Magnus portfolio, the remainder of its industrial assets, to Blackstone and M7 Real Estate for £150m.
As revealed by EG last week, the deal marks Helical’s exit from the logistics sector.
The 2.27m sq ft logistics portfolio, comprising 17 single-let and three multi-let facilities, was accumulated through portfolio and individual acquisitions in 2014 and 2015.
Helical said the price was a 14% premium to the September 2017 book value. The net proceeds will be used to reduce debt and annual finance costs, the firm added.
Tom Anderson, senior investment executive at Helical, said: “This is a significant sale for Helical, bringing to an end our investment in the logistics sector. The price achieved reflects the structural shift towards e-commerce, strength of occupier demand, shortage of supply and rental growth prospects.”
Helical was represented by Tudor Toone and LSH; Blackstone/M7 was represented by DTRE.
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