IM Properties sells off ten logistics and mixed-use schemes for £40m

COLESHILL’S IM Properties has sold a portfolio of ten properties to Helical Bar in a deal worth £40m.

The properties have tenants including Next, DHL and JD Sports.
 
Helical Bar bought the mixed-used portfolio from IM for a total consideration of £40.15m, reflecting a 8.35% net initial yield. The acquisition will be funded through the company’s existing cash resources.
 
The portfolio, with a total floor area of 633,000 sq ft, includes modern high bay logistics facilities in Burton on Trent and Rugby as well as properties in the East Midlands and Yorkshire.

Logistics properties make up 80% of the portfolio by value, with the remainder comprising regional and headquarter office space.
 
The aggregate annual rental income from the ten assets is £4.07m and the average weighted unexpired lease term is approximately six years to expiry and 3.8 years to break. 
 
Duncan Walker, investment director at Helical Bar, said: “We continue to find good value opportunities in an increasingly competitive market.

“This portfolio provides good cashflow and exposure to a market with strong occupational demand and limited new supply, while also providing us with opportunities to add income and capital value through letting up space and accretive asset management initiatives.”
 
IM Properties was advised by Franck-Steier Price while Helical Bar was advised by Tudor Toone.
 

Click here to sign up to receive our new South West business news...
Close