Property investment firm Helical plc has announced it has disposed of four logistics assets from its portfolio in an eight-figure deal.
The disposal drive sees facilities in Daventry, Burton on Trent, Bedford and Stevenage sold off in two transactions for a total consideration of £20.7m, a figure which Helical claims represents a 10% on March book value.
In the first and more substantial transaction, Custodian REIT has paid £13.4m for the Daventry, Burton and Bedford properties, while LondonMetric Property has purchased the single logistics unit in Stevenage for £7.3m.
Duncan Walker, Investment Director at Helical said that the sales come after the firm concluded their asset management plans for the properties in question.
Touching upon the wider market, he commented: “We remain encouraged by the level of activity in the investment and occupational market despite political uncertainties.
“Institutional buyers continue to have an appetite for high quality properties in an environment where yield is extremely challenging to find in many investment categories.”
Andrew Jones, Chief Executive of LondonMetric, added: “We continue to see superior value within the distribution sector where organic rental growth will exceed most other property sectors and this purchase offers strong reversionary potential.”