Member Article

Helical announces £55m disposal to fund its London portfolio

Property developer Helical plc has sold marquee leisure development, The Morgan Quarter, in Cardiff for £55m.

The deal, which Helical says is in line with its March 2016 book value, sees LaSalle Investment Management snap up the 300,000 sq ft mixed-use development in the Welsh capital.

Helical have owned the plot since 2005 after it acquired the former David Morgan Department Store and two Victoria arcades, in which time the developer has embarked on a massive refurbishment programme, delivering retail and office space and attracting retailers such as Urban Outfitters and Molton Brown.

The site also includes an additional 56 residential apartments built above the leisure complex which have all been sold.

Duncan Walker, Investment Director, Helical said that the sale was part of the firm’s continued repositioning away from retail assets and that the proceeds from the sale would be funnelled into its efforts in London.

He said: “This significant sale, at an attractive yield, represents the eighth retail asset we have sold since March 2016.

“In line with our continued repositioning of the portfolio through value-enhancing disposals, our retail investments now comprise just a small number of retail warehouses. Our intention is to recycle the majority of the proceeds of this disposal into our London portfolio.”