6 March 2018
HELICAL PLC
('Helical'/ 'the Company')
HELICAL SELLS LOGISTICS PORTFOLIO FOR £150M
Helical plc announces that is has exchanged contracts to sell The Magnus Portfolio of 20 logistics assets to real estate funds managed by Blackstone and M7 Real Estate for £150m. The 2.27m sq ft nationwide portfolio, comprising 17 single-let and three multi-let assets, was accumulated through portfolio and individual acquisitions in 2014 and 2015. The price achieved is a 14% premium to September 2017 book value and the net proceeds will be used to reduce debt and annual finance costs.
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.
For further information please contact:
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Helical |
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Tom Anderson / Gerald Kaye |
Tel: 020 7629 0113 |
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FTI Consulting |
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Dido Laurimore/Tom Gough/Richard Gotla |
Tel: 020 3727 1000 |
This information is provided by RNS