Helical plc, a leading UK real estate company specialising in the redevelopment and refurbishment of highly sustainable, best-in-class London office buildings has exchanged contracts to acquire from the vendor, 100 New Bridge Street Limited, the Guernsey incorporated single asset company, FPM 100 New Bridge Street Limited, that owns 100 New Bridge Street, London EC4, a 167,026 sq ft office building for a cash consideration of £160m.
In view of the size of the transaction, which constitutes a Class I transaction under the Listing Rules, the proposed acquisition is conditional on Shareholder Approval at a General Meeting, which is expected to be held in early February 2022.
The building, which is held on a 999-year long leasehold at a peppercorn from National Rail Infrastructure Limited, was completed in 1992 and is let to international lawyers Baker McKenzie, whose lease expires in December 2023. Including ground floor retail units, the passing rent is circa £7.3m per annum (net rents c.£6.5m).
Gerald Kaye, Chief Executive of Helical, commented: “The acquisition of 100 New Bridge Street provides us with the opportunity to carry out a major refurbishment, which will have less impact on the environment than a ground up development, and which we will be able to deliver more quickly. We expect this to involve recladding the elevations and incorporating the latest technology as well as high-quality tenant amenities to create a new best in class Grade A office building, which will operate to the highest standards of sustainability.
“100 New Bridge Street is exceptionally well-located, mid-way between Farringdon and Blackfriars stations and is an island site with considerable prominence and great views. We will be proposing to the City of London that we also undertake significant public realm improvements around the site.”
Edward Fairweather, Knight Frank, added: “We were asked to undertake a discrete sale of 100 New Bridge Street on behalf of the vendor. They are delighted to have transacted with Helical who have performed at every turn.”
The vendor was advised by Knight Frank and Dentons. Helical was advised by Clifford Chance and Ingleby Trice.
For further information please contact:
Helical: Gerald Kaye
Tel: 020 7629 0113
FTI Consulting: Dido Laurimore/Richard Gotla/Andrew Davis
Tel: 020 3727 1000