Helical has sold its 10% stake in One Creechurch Place, EC3, to its joint venture partner HOOPP.
The sale generated proceeds of £20m, which has been returned to investors. Helical bought the 270,000 sq ft scheme, formerly called Mitre Square, with the Canadian pension fund in 2014.
The sale was announced as the group announced a trading update on trading between April and September, during which it saw rents achieved at premium rates and shored up its finances with the completion of an amended and restated £400m revolving credit facility.
During the period, Helical completed 15 new office lettings in London, representing 133,218 sq ft, and delivering contracted rent of £9.8m.
Deals included 82,459 sq ft let to the University of Chicago Booth School of Business, InfraRed Capital Partners and Sopra Steria at One Bartholomew, EC1; 9,568 sq ft, to Snowflake on a “plug & play” basis and 11,306 sq ft, to Incubeta at The Tower, EC1; 7,564 sq ft let to Sia Partners at 90 Bartholomew Close, EC1; and six new lettings at Power Road Studios, W4, representing 16,160 sq ft.
In Manchester, the firm completed three new lettings at Churchgate & Lee to Capita Business Services representing 35,118 sq ft, and two new lettings of 4,524 sq ft at Fourways House at 12.7% above 31 March 2019 ERVs.
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