Helical Bar has acquired three portfolios and two single assets in deals totalling about £90m.
The biggest of the acquisitions is the purchase of the Sun and Mint portfolios from Aberdeen Asset Management for £46.6m, representing a yield of 7.9%.
The Sun portfolio comprises 11 industrial units, while the Mint portfolio comprises three retail warehouses in Leigh, Peterlee and Stoke on Trent and five high street properties in Colchester, Leicester, Nottingham and Plymouth. All the assets are fully let and the Sun portfolio has a WAULT of 5.95 years to expiry and Mint’s has 7.23 years to expiry.
Helical Bar has also acquired the 4:2 portfolio from Ignis for £22.1m, reflecting a yield of 8.3%. The portfolio, which the investor said provided “significant asset management opportunities”, comprises four regional office and two industrial properties in Chichester and Warrington. Helical has already sub sold the Southampton office for £3.46m, marginally above the acquisition price.
Finally, the FTSE-listed company has bought the B&Q warehouse in Ellesmere Port, Cheshire for £5.33m from Threadneedle reflecting a net initial yield of 7.1% and London Road Retail Park, Southend-on-Sea for £15.7m from the receivers acting for RBS, reflecting a net initial yield of 7.1%.
Helical Bar investment director Duncan Walker said: “These recent purchases demonstrate our ability to find value within the market, and build on our recent capital recycling activity.
“The portfolios, in particular, provide plenty of scope for both trading and asset management, as demonstrated by the immediate sub sale of the Southampton office, and we are confident that we will be able to extract further latent value, over time.”