Helical Bar has announced the disposal of Enterprise House in Paddington, London W2, to a private overseas buyer for a total consideration of €58.25 mln (£43 mln).
The sale proceeds will be used to repay debt of €40.6 mln (£30 mln) with the balance retained for investment in the Company’s portfolio.
Duncan Walker, Helical Bar’s investment director, commented: “We are pleased to have sold Enterprise House, a mature asset in a strong location within central London. This disposal enables us to capitalise on the strong London market, freeing up capital to deploy into our other London opportunities which will benefit from Helical’s expertise in extracting latent value through development, refurbishment and asset management.”
Helical originally acquired freehold interest of the 4,180 m² (45,000 ft²) Art Deco office asset in October 2013 in a 20 year sale and leaseback transaction with Network Rail Infrastructure Ltd. The asset had been comprehensively refurbished by Network Rail in the same year with a project that combined elegant modern references with the original historic character of the 1930s building in a design that both restored the original site and brought it firmly up to modern standards.
Source: Helical
