UK REIT Helical Bar has acquired the freehold interest in land and buildings in Corby Town Centre from Land Securities Group for a total of £70 mln (EUR 80 mln), reflecting an initial yield of circa 8%.

The 25-acre freehold interest comprises Willow Place, a new 175,000 sq ft (16,000 m2) shopping centre completed in 2007 and anchored by Primark and TK Maxx; the 290,000 sq ft original Corby shopping centre; the 35,000 sq ft Oasis retail park, as well as a number of ancillary buildings and development land.

The purchase will be funded by a combination of bank debt and existing cash held within the business.

The acquisition brings the total of assets bought by Helical during 2011 to over £185 mln and will enhance Helical's net rental income by circa £4.3 mln.

CBRE acted for Helical and Savills acted for Land Securities.