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LONDON-Helical has completed its £125 million ($190 million) Central London disposal programme with sales in the City and Midtown following last month’s sale to Deka in the West End.

In the City, Hermes, manager of the BT pension fund, has bought Cheapside House, EC4 for £47.8 million ($72 million). On settlement of outstanding reviews the price will reflect an initial yield of 7.2%. And in Midtown, Dawnay Day and Patron Capital Partners have bought 141-3 Drury Lane, WC2 for £13.3 million ($20 million) reflecting an initial yield of 7.0%.

Helical still has 60% of its assets in Central London, but once the proceeds of these recent sales have been reinvested this is expected to fall to 50%. The targets for new investment are high margin, value added deals in the industrials and retail sectors. However, the company is not abandoning central London totally as it is preparing a number of developments for completion from 2004 when it anticipates a recovery in the London and South East office markets.

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