Helical Bar fired up for more acquisitions

16th Feb 2011 07:20

Property business Helical Bar said it had made considerable progress in the last four months including its December placing of 10.7m shares which raised £29m to fund acquisition opportunities.During the four months to 31 January 2011 Helical said it completed 22 new lettings across the portfolio adding £660,000 per year of contracted rent and 11 lease renewals securing £400,000 per year of contracted rent.In its update on the group outlined its strategy of ramping up investment in retail property while offloading parts of its industrial portfolio. Earlier this year the group announced the purchase of Newmarket Shopping Centre, Suffolk for £17.75m, representing about 8% initial yield. Helical also completed the acquisition of Sutton-in-Ashfield Shopping Centre, Nottinghamshire from LaSalle Investment Management for £16.10m, representing about 8.5%.Helical Bar sold 2-4 Eastcheap, London EC3 for £9.5m at a 6% net initial yield and Sawston Trade Park, Sawston for £5.4m at an 8% net initial yield.