Helical Bar has confirmed the sale of its shopping centres in Glasgow and Northamptonshire, as tipped by Estates Gazette in January.
The real estate firm announced today that it has exchanged on the sale of the long leasehold interest in Clyde Shopping Centre, Glasgow, to Edinburgh House Estates and Cerberus for £70m, reflecting a net initial yield of 7.25% and a premium over book value of 3%.
Helical acquired the 600,000 sq ft centre in joint venture with Prime Commercial Properties in January 2010, with Helical holding a 60% economic interest.
During its ownership, the joint venture has concluded a number of refurbishment and extension works, including the addition of a new gym and, in 2013, disposing of the adjoining Asda unit to Aviva for £12.2m.
Helical has also exchanged on the sale of Corby Town Centre, Northamptonshire, to Europa Capital Partners and Sovereign Land for £71.7m, reflecting a net initial yield of 7.25% and a premium to book value of 5%.
The 700,000 sq ft scheme comprising Willow Place, Corporation Street and Oasis Retail Park was acquired in October 2011. Since then Helical has disposed of £2.8m of assets.
Duncan Walker, investment director at Helical Bar, said: “These assets have been extremely successful for Helical having been acquired at the bottom of the market.”
Savills acted on behalf of Helical for both transactions. CBRE acted for the purchaser of Clydebank, and the purchaser of Corby was unrepresented.
