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Property developer Helical receives £500 million bid

HelicalCommercial property developer Helical has received a bid from an undisclosed US private equity group, according to sources.

The bid is said to value Helical at about £500 million, a significant premium to its market capitalisation of £425m.

Helical and its outgoing chairman and major shareholder Mike Slade declined to comment when approached by The Sunday Times.

The current value of Helical’s net assets is £567m.

On Friday Helical said that executive director Timothy Murphy had sold 35,000 shares worth £126,875 in a transaction on Wednesday. He now holds a total of 662,981 shares, reflecting a 0.6% stake in the company.

Shares in the property investor were up 0.2% at 343.50p on Friday.

Also on Wednesday said it had appointed Sue Farr as independent non-executive director of the board with immediate effect. She is currently non-executive director of British American Tobacco and Accsys Technologies.



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