Helical, acting through its Joint Venture with The Baupost Group has exchanged contracts on the sale of 90 Bartholomew Close, Barts Square, EC1 to La Francaise Real Estate Partners International (LF REPI), a pan-European investment business acting on behalf of a French collective real estate investment vehicle. The disposal price of €55.7m (£48.5m) reflects a net initial yield of 3.92%.
The recently completed six-storey building provides 24,013ft² of office space, as well as a 6,414ft² restaurant which is occupied by the award-winning LINO, all housed behind an attractive retained Victorian façade. The five office tenants span a range of industries including law, software design and business consultancy. Delivering BREEAM Excellent, bike storage and shower facilities, the property offers contemporary and stylish office space to businesses attracted to Barts Square’s contrasting attributes of a new urban quarter together with its excellent connectivity.
Gerald Kaye, CEO, Helical, commented: “Despite operating in a constrained environment, the timing of this sale reflects my firm belief that the attraction of good quality London real estate for international capital will continue. 90 Bartholomew Close is an integral part of the Barts Square estate as it forms a recognisable landmark ‘gateway’ to the newly created public realm and retail offering. We look forward to continuing working closely with LF REPI to ensure the estate goes from strength to strength.”
Peter Balfour, Investment Director, LF REPI commented: “90 Bartholomew Close marks the milestone of our first acquisition in the UK on behalf of La Francaise funds and signifies the intention to grow our assets under management in the UK real estate market. We are pleased to have purchased a key building in Helical’s Barts Square estate and anticipate good growth prospects associated with the completion of new developments nearby. 90 Bartholomew Close makes a good addition to our group’s portfolio of €23bn in assets under management.”
