REG - Helical PLC - SALE OF 50% STAKE IN 100 NEW BRIDGE STREET

HelicalAnnouncement

20/05/2024 07:00

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RNS Number : 0006P  Helical PLC  20 May 2024

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 1(st) to
10(th) floors with 3,592 sq ft of retail at ground floor. An exceptional
terrace of 4,400 sq ft on the 8(th) 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:

 

 Helical plc
 Gerald Kaye (CEO)  Address: 5 Hanover Square, London W1S 1HQ
 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:
bass@montfort.london (mailto:bass@montfort.london)

Aaron
Bass
Tel: 07800 666 380

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