Aberdeen and Ignis offload property
Scots fund managers in £69m asset sales
Two Scottish fund management companies have today sold a number of property assets to Helical Bar for £69 million.
Helical Bar said the acquisitions, paid out of cash reserves, were part of a continued recycling of capital across its portfolio.
It has bought the Sun and Mint Portfolios from Aberdeen Asset Management for £46.6m. The purchase price represents a net initial yield of 7.9%. The portfolios comprise a number of industrial estates, retail warehouses and five high street stores, all in England.
The company has also bought the 4:2 Portfolio from Ignis Asset Management for £22.1m reflecting a net initial yield of 8.3%. It involves four office properties in England.
Duncan Walker, investment director at Helical Bar, said: “These recent purchases demonstrate our ability to find value within the market, and build on our recent capital recycling activity. The portfolios, in particular, provide plenty of scope for both trading and asset management, as demonstrated by the immediate sub sale of the Southampton office, and we are confident that we will be able to extract further latent value, over time.”