SALE OF 50% STAKE IN 100 NEW BRIDGE STREET
20 May 2024
HELICAL PLC
("Helical" or the "Group")
HELICAL SELLS 50% STAKE IN 100 NEW BRIDGE STREET CARBON FRIENDLY OFFICE REDEVELOPMENT
- SUSTAINABILITY-LED DEVELOPMENT WILL SEE DELIVERY OF 194,000 SQFT OFFICE SCHEME USING EXISTING STRUCTURE AND REUSING MATERIALS-
Helical plc has entered into a joint venture arrangement for the redevelopment of 100 New Bridge Street, London EC4 selling a 50% interest for £55 million on a preferred equity basis to a vehicle led by Orion Capital Managers.
The building, originally completed in 1992, will be taken back to the frame and comprehensively refurbished with new cladding and two additional floors. The net internal area of the office space will be 191,065 sq ft on 1st to 10th floors with 3,592 sq ft of retail at ground floor. An exceptional terrace of 4,400 sq ft on the 8th floor will provide magnificent views of St Paul's Cathedral and across Central London.
Simultaneous to the joint venture being signed, the parties entered into a development financing arrangement with NatWest and an institutional lender; NatWest is providing £50 million of the £155 million facility. The joint venture has also signed a building contract with Mace.
Construction work has already commenced and the building is scheduled to complete in March 2026.
The proceeds will be used to fund Helical's ongoing development pipeline.
Gerald Kaye, Chief Executive of Helical plc, commented: "We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top quality office space in the City."
Aref Lahham, Managing Partner of Orion, added: "We continue to believe that there is a window of opportunity in bringing best-in-class, green office space to the city market to capture the pressing tenant demand whilst supply remains constrained."
Helical was advised by Knight Frank and Clifford Chance, Orion by A&O Sherman.
For further information, please contact:
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Helical plc |
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Gerald Kaye (CEO) |
Address: 5 Hanover Square, London W1S 1HQ |
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Tim Murphy (CFO) |
Website: www.helical.co.uk Tel: 020 7629 0113 |
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FTI Consulting |
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Dido Laurimore Richard Gotla Andrew Davis |
Email: Schelical@fticonsulting.com Tel: 020 3727 1000 |
Orion Capital Managers
Via Montfort Communications Email: bass@montfort.london
Aaron Bass Tel: 07800 666 380
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