REG - Helical PLC - £333 MILLION FORWARD SALE OF 100 NEW BRIDGE STREET

HelicalAnnouncement

11/04/2025 07:00

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RNS Number : 6696E  Helical PLC  11 April 2025

 

HELICAL PLC

("Helical" or the "Group")

 

£333 MILLION FORWARD SALE OF PRIME, CARBON FRIENDLY CITY OFFICE SCHEME AT 100
NEW BRIDGE STREET, LONDON EC4

 

-TRANSACTION REFLECTS OCCUPIER DEMAND FOR PRIME CITY OF LONDON OFFICES-

 

Helical and a vehicle managed by Orion Capital Managers have exchanged
contracts with an undisclosed party for the forward sale of Helical Bicycle 3
Limited, the corporate entity that owns 100 New Bridge Street, London, EC4,
for their occupation. The disposal will complete on practical completion of
the building, which is expected in April 2026. The purchaser is an S&P 500
listed global business, with net assets of over $10bn and is rated A to AA
category rating across three agencies.

 

The property forward sale net price of £333 million (Helical share: £166.5m)
reflects a capital value of £1,712 psf,  which represents a capitalisation
yield of 5%, before deducting corporate sales costs and a notional rent free
allowance. Helical and Orion Capital Managers will continue to deliver the
development through to completion of the works. On completion of the sale, the
amount drawn under the £155m development facility will be repaid. Surplus
funds will be paid out to each joint venture partner in accordance with the
terms of the joint venture agreement signed in May 2024.

 

100 New Bridge Street will deliver 195,000 sq ft best-in-class office space,
targeting the highest sustainability, technology and wellbeing standards
including EPC A, BREEAM 'Outstanding', NABERS 5*, WELL Platinum and WiredScore
Platinum. The 10 storey building is undergoing a comprehensive refurbishment,
stripping it back to its frame,  recladding and adding two additional floors.
 The completed development will include an exceptional eighth floor terrace
of 7,450 sq ft, which will provide magnificent views of St. Paul's Cathedral
and across Central London.

 

The estimated consideration payable for purchase of the shares of Helical
Bicycle 3 Limited is £104m (Helical share: £52m).

 

Matthew Bonning-Snook, CEO of Helical plc commented:

"This transaction is a true reflection of the quality of 100 New Bridge Street
as a London headquarters destination. The very strong interest we received in
the scheme over a year ahead of completion is testament not only to its
best-in-class characteristics, but also the acute shortage of prime office
space within the submarkets Helical has targeted as part of its significant
development programme."

 

Aref Lahham, Founding Partner and Managing Director of  Orion Capital
Managers commented:

"The sale of 100 New Bridge Street, following the leasing success of Panorama
St Paul's, represents a further vindication of Orion's strategy to gain
exposure to leasing risk in new best-in-class offices in the most in-demand
locations across gateway cities in Europe. This transaction successfully
capitalised on the intensifying occupier demand for the revitalised heart of
the City of London amidst increasing supply constraints."

 

Helical and Orion Capital Managers were advised by Knight Frank and Ingleby
Trice.

 

 

 

 

For further information, please contact:

 

 Helical plc
 Matthew Bonning-Snook (CEO)  Address: 22 Ganton Street, London, W1F 7FD
 Tim Murphy (CFO)             Website: www.helical.co.uk (http://www.helical.co.uk)

                              Tel: 020 7629 0113

 FTI Consulting
 Dido Laurimore               Email: Schelical@fticonsulting.com (mailto:Schelical@fticonsulting.com)

 Richard Gotla                Tel: 020 3727 1000

 Andrew Davis

 

Orion Capital Managers

Via Montfort
Communications                           Email:
orioncapman@montfort.london

Aaron Bass
             Tel: 07860 640 595

Finn Vijayakar

 

 

 

 

 

 

 

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