Helical and Orion Capital Managers have agreed the £333m forward sale of an under-development office block in the City of London.
The deal will see an S&P 500 group, understood to be State Street, acquire the 10-storey, 195,000 sq ft 100 New Bridge Street for its own occupation. The deal will close on practical completion of the building, expected next April.
Helical chief executive Matthew Bonning-Snook said: “The very strong interest we received in the scheme over a year ahead of completion is testament not only to its best-in-class characteristics, but also the acute shortage of prime office space within the submarkets Helical has targeted as part of its significant development programme.”
Bonning-Snook added that the sale “enables us to reward shareholders for their patience in recent years”, and that the company will return at least half of the profit from the joint venture to shareholders and give “serious consideration” to returning it all “subject to the requirements of the business”.
Helical and Orion were advised by Knight Frank and Ingleby Trice.
Image from City of London Corporation
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