Helical Bar Plc. (HLCL.L) announced Monday that it has acquired Enterprise House in Paddington, London W2, through a sale and leaseback agreement with Network Rail Infrastructure Limited.
Helical acquired the freehold interest of the 45,000 sq ft (NIA) building for about 31 million pounds, representing a 5.7% net initial yield. The company said that the purchase was funded using its existing cash resources.
Network Rail, which has recently undertaken a comprehensive refurbishment of the Art Deco building, has taken a 20 year leaseback of the building at a rent of 40 pounds psf, generating an annual rental income of 1.8 million pounds.
Helical said it completed this complex transaction within five days of agreeing terms, with advice from Jaro Real Estate.
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