Helical PLC HELICAL SELLS BOOTH ST OFFICE BUILDING, MANCHESTER (0340K)
December 11 2018 - 1:00AM
UK Regulatory
TIDMHLCL
RNS Number : 0340K
Helical PLC
11 December 2018
11(th) December 2018
HELICAL PLC
('Helical'/ 'the Company')
HELICAL DISPOSES OF BOOTH ST OFFICE BUILDING, MANCHESTER
Helical plc announces that it has exchanged contracts on the
sale of its 31 Booth Street office building in Manchester, to the
Mayfair Capital-managed Property Income Trust for Charities fund
(PITCH), for GBP11.925 million (GBP479 psf), reflecting a net
initial yield of 5%. Following the successful letting of 46% of the
office space since 30 September 2018, the sale represents a 20.5%
premium to book value.
Located in the prime city core of Manchester, Helical acquired
the property in January 2016. Following a complete refurbishment,
the building comprises 24,902 sq ft of modern office space across 7
floors. The property is 100% let to nine occupiers.
Will Parry, Asset Management Executive at Helical,
commented:
"This disposal demonstrates our ability to successfully
reposition assets by leveraging our local market expertise. The
capital will be recycled into new opportunities."
Mayfair Capital Investment Director, Phil Sturdy, commented:
"This acquisition is aligned to our thematic investment strategy
of acquiring Grade A office space in strong strategic locations. 31
Booth Street is particularly well placed for future income growth
with a low passing rent, numerous lease events in the next three to
five years and seven of the leases having been granted outside the
1954 Act."
Helical plc was advised by Savills, Mayfair Capital by CBRE.
For further information please contact:
Helical
Gerald Kaye/Tim Murphy/Will Parry
Tel: 020 7629 0113
www.helical.co.uk
@helicalplc
FTI Consulting
Dido Laurimore/Tom Gough/Richard Gotla
Tel: 020 3727 1000
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END
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