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Helical to sell remaining 3 noncore UK assets for £28.5M

Helical PLC agreed to a roughly £28.5 million sale of its three remaining noncore assets in the U.K. to become a 100% London- and Manchester-focused real estate company.

The deals for Otford Road Retail Park in Sevenoaks, Spencer House in Reading and The Hub in Glasgow represent a 6.6% premium to the assets' March book value and an aggregate net initial yield of 7.6%, according to a release.

Helical's senior investment executive, Tom Anderson, said in a release that the sale will pave way for the company to focus on its London and Manchester portfolios where there has been a strong occupier demand for its office investments and developments.

Wilkinson Williams, LSH and Tudor Toone are representing Helical in the deals.