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Helical Bar PLC HLCL Acquisition



  Helical Bar PLC (HLCL) - Acquisition

RNS Number : 0891S
Helical Bar PLC
27 November 2012
 



27 November 2012

                 Helical Bar plc ("Helical" or "Helical Bar")

 

  HELICAL BAR AND CROSSTREE PURCHASE LANDMARK 'SILICON ROUNDABOUT' ASSET IN
                             £60.75m TRANSACTION

 

Helical Bar plc announces that contracts have been exchanged for the  purchase 
of a  3.12 acre  site situated  directly adjacent  to Old  Street  Roundabout, 
London, by a joint venture between Helical Bar plc ('Helical') and  affiliates 
of Crosstree Real Estate Partners ('Crosstree') for a total cash consideration
of £60.75m.

 

The purchase will be funded by cash plus bank debt of approximately £30m, with
Helical and Crosstree having a 33% : 67% economic interest respectively.

 

The freehold interest comprises: two large  office buildings, 207 and 211  Old 
Street, which are currently let to multiple  tenants at a rent of circa  £2.1m 
per annum;  the  land  surrounding  the  office  buildings;  a  retail  parade 
immediately to the west of 207 Old Street at a rent of circa £0.7m per  annum; 
and Empire House  at 136-144  City Road which  is currently  vacant. The  four 
buildings total 287,000 square feet of existing net internal space.

 

This extremely well  located site  is in a  dynamic and  regenerating area  of 
London which is attracting growing interest from potential occupiers from  the 
domestic  and  international  technology  and  creative  sectors  as  well  as 
increasingly mixed uses such as  retail, hotel and residential  accommodation. 
Proposals for the site, which are being worked up by architects AHMM, comprise
the refurbishment and remodelling of the  two large office buildings, as  well 
as the  provision  of new  'incubator'  studios.  Empire House  will  also  be 
refurbished.

 

Considerable landscaping and public realm  enhancement will be undertaken  and 
there is the intention to include featured retail uses at ground floor to  add 
to the vibrant urban environment.

 

Gerald Kaye, Development Director at Helical  Bar said: "This is an  extremely 
exciting opportunity for us to make our  mark in a fast improving area on  the 
edge of the City  of London. Crosstree and  ourselves will be working  closely 
with AHMM to develop  the existing site into  a comprehensive, dynamic  scheme 
with creative thinking at  its heart to attract  the burgeoning number of  TMT 
businesses."

 

Nick Lyle, Founding Partner of Crosstree  added "The deleveraging cycle in  UK 
property continues to present  exceptional opportunities for well  capitalised 
and experienced investors to  substantially transform unloved properties  into 
world-class assets, and we look forward to working closely with Helical to  do 
so here."

 

Helical/Crosstree were advised by Jones  Lang LaSalle. CBRE and Savills  acted 
for the vendor.

 

 

                                  ---ENDS---

 

 

For Helical Bar enquiries, please contact:

 

Gerald Kaye - Development Director

 

Tel:        020 7629 0113

Email:   gak@helical.co.uk

 

 

For Crosstree enquiries, please contact:

 

Nick Lyle - Partner

 

Tel:        020 7016 4173

Email:   nlyle@crosstree.com

 

 

Media notes:

 

Crosstree Real Estate Partners LLP is a private investment firm focussed on UK
property-related assets.  Crosstree is seeking to build a diversified
portfolio across property sectors and the risk/return spectrum.  With the
substantial financial backing of the Bertarelli family, Crosstree has
committed capital that is both versatile and longer-term oriented, enabling us
to consider a range of opportunities and business plans. 

 

 

For all media enquiries, please contact:

 

Stephanie Highett/Dido Laurimore/Daniel O'Donnell - FTI Consulting

 

Tel:        020 7831 3113

Email:   Stephanie.highett@fticonsulting.com

              Dido.laurimore@fticonsulting.com

              Daniel.O'Donnell@fticonsulting.com

 

 

 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
ACQBGBDBGSDBGDR -0- Nov/27/2012 12:00 GMT
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