Helical makes forward sale of office development

RNS Number : 0781T

Helical Bar PLC

01 October 2014

 



1 October 2014

Helical Bar plc ("Helical" or "Helical Bar" or the "Company")

HELICAL BAR MAKES FORWARD SALE OF SHOREDITCH OFFICE DEVELOPMENT

Helical Bar announces today that it has exchanged contracts on the forward sale of 99 Clifton Street, Shoreditch, London EC2, an office development, with UBS Triton Property Fund ("UBS Triton") for £38.25 million.

In November 2013, Helical Bar agreed to acquire the new 43,000 sq ft (NIA) freehold office building for £21 million from the developer on practical completion of the building, which is anticipated for summer 2015.  Helical secured the contract with a £1 million deposit which has been reimbursed by UBS Triton.

Since contracting on the building Helical has worked with the developer to achieve a revised planning consent and to refine the building's specification to ensure that it is fit for the occupational demands of Shoreditch tech occupiers.

Duncan Walker, Investment Director at Helical Bar commented:

"The Shoreditch office market is benefitting from strong occupational and investment demand, as demonstrated by this successful transaction which de-risks Helical's involvement. We anticipate crystallising a significant profit upon practical completion of the building and do not need to commit any further funds to this project.  We still have substantial exposure to this market, in which we strongly believe, with The Bower in Old Street and C-Space (Maple House)."

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For further information, please contact:

Helical Bar plc Duncan Walker / Tim Murphy	020 7629 0113
FTI Consulting Stephanie Highett / Dido Laurimore / Nina Legge	020 3727 1000

 

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