UK property developer Helical receives £500 million bid - Sunday Times

LONDON (Reuters) - British commercial property developer Helical has received a bid worth around 500 million pounds from an unnamed U.S. private equity group, the Sunday Times newspaper reported, without citing sources.

The newspaper said the approach valued Helical at a significant premium to its current share price of 355p and market capitalisation of 425 million pounds, but at less than its net asset value of 567 million pounds.

Helical and its outgoing chairman and major shareholder Mike Slade had declined to comment, the newspaper added.

(Reporting by David Milliken)