Helical has exchanged contracts to sell three assets for a combined value of £28.5m.
The latest sales complete the firm’s transformation from a multi-sector and geographically spread UK property company into an office-focused investment and development company in London and Manchester.
Helical said the three remaining non-core asset sales represented a 6.6% premium to its £910m portfolio valuation in March 2018 and reflected an aggregate net initial yield of 7.6%.
The assets are Otford Road Retail Park in Sevenoaks, Spencer House in Reading and the Hub in Glasgow, which were all acquired between 2003 and 2013.
See also: Helical completes transformation to office-focused propco
Tom Anderson, senior investment executive at Helical, said: “The sales, achieved at a premium to book value, will allow us to focus our undivided attention on our London and Manchester portfolios, where we are seeing strong occupier demand for our high-quality, well-located office investments and developments.”
Helical was represented by Wilkinson Williams, LSH and Tudor Toone.
To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
