Peter Ferrari’s Ashby Capital is under offer to take a stake in Helical Bar’s and Baupost’s redevelopment of St Bartholomew’s Hospital, EC1.
The Middle Eastern-backed investment firm is in talks to fund the development of the 210,000 sq ft main office element of the mixed-use Barts Square scheme.
The deal will value the completed office at around £300m, reflecting a circa £1,400 capital value per sq ft based on rents of around £70 per sq ft.
The deal is likely to secure a significant profit for Helical and Baupost while allowing them to share in any further growth.
The joint venture partners bought the 2.3-acre site in 2011, making an initial £55m payment to London NHS Trust and agreeing £35m of potential future payments.
Helical is already under way on the first residential phase of the 1.5m sq ft mixed-use scheme. The main office element will not start until next year at the earliest and is unlikely to complete before late 2018 or 2019.
CBRE is advising Helical and Baupost; Savills is acting for Ashby.
