The joint venture between Helical Bar and funds managed by Baupost Group has agreed to sell One Bartholomew Close, EC1, to clients of Ashby Capital for £102.4m, as revealed by EG last month.
The net proceeds will be used to return equity to the joint venture partners and provide capital for the final phase of the residential aspect of Helical’s 211,000 sq ft Barts Square mixed-use development.
The One Bartholomew Close office scheme is part of Barts Square, which comprises 35,000 sq ft of office space in two buildings, 23,000 sq ft of retail and leisure and 236 residential units.
Work is set to start later this year on One Bartholomew Close and is due to complete in summer 2018.
Ashby will finance the development and will pay the jv a profit share upon completion.
Helical Bar will remain as development manager for One Bartholomew Close.
Gerald Kaye, director of Helical Bar, said: “This deal with Ashby represents a further milestone at our major Barts Square mixed-use development and enables us to deliver a high-quality office building in 2018 when there is expected to be a shortage of supply in central London. It also allows us to redeploy capital into the final phase of the residential aspect of the scheme.”
The Helical and Baupost joint venture was advised by CBRE and Clifford Chance. Ashby was advised by Savills and Allen & Overy.
