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.
