REG - Helical PLC - Disposal of Kaleidoscope, Farringdon for £158.5m

HelicalAnnouncement

06/09/2022 16:30

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RNS Number : 4916Y  Helical PLC  06 September 2022

 

HELICAL PLC

 

("Helical" or the "Group")

 

HELICAL SELLS KALEIDOSCOPE, FARRINGDON EC1

 

 

 

Helical is pleased to announce that it has exchanged contracts on the sale of
the single asset company, Farringdon East (Jersey) Limited, which owns the
long leasehold interest in Kaleidoscope, Lindsey Street, EC1 to Chinachem
Group at a disposal price of £158.5m reflecting a capital value of £1,789
psf and a marginal premium to book value. The 150 year lease from Transport
for London was granted in 2018 and has a head rent geared to 10% of contracted
rents. Completion is due to take place in ten days.

 

The six storey 88,580 sq ft office building sits above the Farringdon East
Crossrail Station and is occupied in its entirety by TikTok, the popular short
form video hosting service owned by Bytedance, who took a 15 year lease in
March 2021 at £7,633,053 per annum (an average rent in excess of £86 psf).
The PLP designed scheme is accredited BREEAM Excellent, WiredScore Platinum
and provides a 5,000 sq ft roof terrace together with high quality end of
journey facilities and features integrated artwork by Dutch artists De Makers
Van.

 

Matthew Bonning-Snook, Property Director at Helical, commented:

 

"Kaleidoscope was the first over station development to complete on the
Elizabeth Line and we were able to attract one of the world's fastest growing
tech businesses due to its striking design, highly accessible location,
excellent amenities and strong environmental credentials. We will now seek to
recycle the proceeds from the sale into delivering new highly sustainable
'best-in-class' Central London office schemes, where occupier demand remains
strong."

 

Donald Choi, Executive Director and CEO of Chinachem Group, commented:

 

"We're delighted to have acquired Kaleidoscope successfully as it is located
in one of London's best performing sub-markets with impressive rental growth.
We intend to hold this property for long-term investment.

 

"Having now made our London entrance, we will incrementally increase our
exposure in gateway cities of other major developed markets in order to move
further forward our diversification objectives and build a long-term resilient
income stream. However, Hong Kong still remains our home and the core market
of our business operations."

 

Helical were advised by JLL and Chinachem were advised by Deloitte and Ingleby
Trice.

 

For further information, please contact:

 

Helical
plc
020 7629 0113

Matthew Bonning-Snook (Property
Director)

Tim Murphy (CFO)

 

Address:
                                  5 Hanover Square, London
W1S 1HQ

Website:
                                    www.helical.co.uk

Twitter:
                                     @helicalplc

 

FTI Consulting
 
020 3727 1000

Dido Laurimore/ Richard Gotla

schelical@fticonsulting.com (mailto:schelical@fticonsulting.com)

 

Media Contact

David Woo

Project Advisor, Corporate Communications

Chinachem Group

 

Tel: +852 2500 7344 / +852 6626 5762 davidwoo@chinachemgroup.com

 

Notes to editors:

 

About Chinachem Group

 

Since 1960, Chinachem Group has been a leading property developer in Hong
Kong, with a portfolio covering residential, commercial, retail and industrial
buildings for sales and investment, in addition to operating hotels and
property management services. The Group actively seeks to make a positive
contribution to society through its adherence to the 'Triple Bottom Line', a
commitment that its activities will benefit People, bring Prosperity to the
community and preserve the Planet. Please visit www.chinachemgroup.com/en

 

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