REG - Helical PLC - Helical and Orion complete 100 New Bridge Street

HelicalAnnouncement

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RNS Number : 2080E  Helical PLC  14 May 2026

14 May 2026

 

HELICAL PLC

("Helical" or the "Company")

 

HELICAL AND ORION ACHIEVE PRACTICAL COMPLETION OF PRIME CITY OFFICE SCHEME AT
100 NEW BRIDGE STREET

 

Helical plc and a vehicle managed by Orion Capital Managers have achieved
practical completion of their 195,000 sq ft best-in-class, carbon friendly
repositioning of 100 New Bridge Street, a landmark City of London office
building located between Blackfriars and Farringdon Stations.

 

By retaining and upgrading much of the original structure, the
Gensler-designed scheme, delivered by Mace, provides a blueprint as to how
existing buildings can be reimagined, introducing a striking new façade,
30,000 sq ft of additional NIA, and 9,690 sq ft of terracing across four
floors, offering magnificent views of St Paul's Cathedral and across Central
London.

 

Sustainability is embedded in every aspect of the project; with 90% of the
structure retained, and materials re-used, re-purposed and donated, the
comprehensive redevelopment's embodied carbon is tracking 61.4% below the GLA
benchmark for offices. The all-electric building scheme has delivered high
environmental and well-being standards including BREEAM Outstanding, NABERS 5*
and WELL Platinum.

 

Following the April 2025 announcement, the forward sale of the property to
State Street for their own occupation, at a net price of £333 million
(Helical share: £166.5 million), is scheduled to complete on 20 May 2026,
reflecting a capital value of £1,712 psf (c. £2,000 psf on a topped up
basis) based on a capitalisation yield of 5%, after deducting corporate sales
costs and a notional rent free. The proceeds of the disposal will be used to
repay the amount drawn under the £155 million development facility, with
surplus funds paid out to each joint venture partner in accordance with the
terms of the joint venture agreement signed in May 2024.

 

Matthew Bonning-Snook, Chief Executive Officer of Helical, commented: "This is
a significant milestone for our best-in-class 100 New Bridge Street
development, where we have reimagined the building as a high-quality,
future-focused workplace that demonstrates the potential of existing assets to
meet modern occupier expectations while supporting the City's ambitions around
sustainability and carbon reduction. Completing the sale to State Street will
unlock significant returns to our investors, as we continue to deliver highly
sought after real estate into supply constrained sub markets."

 

Aref Lahham, Founding Partner and Managing Director of Orion Capital Managers,
added:  "Completing 100 New Bridge Street brings to a close a highly
successful partnership, where value has been created through repositioning and
forward selling in a supply constrained market. We invested on the basis that
demand would concentrate around a limited pool of best-in-class space, and the
outcome, including the forward sale to State Street, reflects that view. It
reinforces our focus on opportunities where we can combine clear underlying
demand drivers with superior asset-level execution."

 

For further information, please contact:

 

 Helical plc
 Matthew Bonning-Snook (CEO)   Address:                           22 Ganton Street, London, W1F 7FD

 James Moss (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 (mailto:orioncapman@montfort.london)

 Aaron Bass                    Tel:                               07800 666 380

 Lara Archer

 

 

 

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