Helical plc has exchanged contracts on the sale of the long leasehold interest in 25 Charterhouse Square, London, EC1 to a Real Estate fund managed by Ares Management (Ares), for €50.9m. The disposal price represents a 6.5% discount to the 30 September 2023 book value.
25 Charterhouse Square was redeveloped by Helical in 2017 and is just a minute's walk from Farringdon East Elizabeth Line entrance. It offers 4,181m2 of modern office space and is home to various creative occupiers. The building is accredited BREEAM Excellent and WiredScore Gold. Comprehensive end-of-journey facilities are also available on-site.
Gerald Kaye, Chief Executive of Helical plc, commented: "25 Charterhouse Square is a great example of how Helical is delivering modern, attractive workplaces while staying true to its sustainability aims. This redevelopment project transformed the existing building and its success in attracting forward-thinking, creative occupiers is testament to its high quality design, accessible location and excellent amenities. We will look to recycle the proceeds from the sale into our development pipeline, which is focussed on delivering 'best-in-class' Central London office schemes."
Wilson Lamont, Partner and Co-Head of Ares European Real Estate, said: "We are delighted to work with Helical as we selectively look to invest in the highest quality assets in the centre of Europe's top cities following a period of the market correction. With London at the forefront of this correction, we are now seeing attractive value in Zone 1 locations where tenant demand remains robust, and supply of modern, sustainable space is limited."
Helical was advised by Ingleby Trice and Clifford Chance and Ares by Appley, TT&G Partners, Squarebrook, and DLA.
Image source - Pexels.
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