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Helical sells Magnus logistics portfolio for £150m
Helical has exchanged contracts to sell the Magnus Portfolio of 20 logistics assets to real estate funds managed by Blackstone and M7 Real Estate for £150m, it announced on Tuesday.
The London-listed firm said the 2.27 million square foot nationwide portfolio, comprising 17 single-let and three multi-let assets, was accumulated through portfolio and individual acquisitions in 2014 and 2015.
It said the price achieved was a 14% premium to September 2017 book value, with the net proceeds to be used to reduce debt and annual finance costs.
"This is a significant sale for Helical, bringing to an end our investment in the logistics sector," said Helical senior investment executive Tom Anderson.
"The price achieved reflects the structural shift towards e-commerce, strength of occupier demand, shortage of supply and rental growth prospects."