17th Apr 2020 15:05
(Alliance News) - Helical PLC on Friday said its joint venture with Baupost Group LLC has exchanged contracts on the sale of 90 Bartholomew Close, London, to La Francaise Real Estate Partners International.
The disposal price is GBP48.5 million, Helical said, and reflects a net initial yield of 3.9%.
The real estate developer explained that this recently completed six-storey building provides 24,013 square feet of office space, as well as a 6,414 square feet restaurant which is occupied by LINO.
The total headline rent roll of GBP2.0 million per annum reflects an average of GBP76.26 per square feet on the office accommodation.
"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," said Helical Chief Executive Gerald Kaye.
Helical shares were 2.9% higher in London on Friday at 360.00 pence each.
By Evelina Grecenko; [email protected]
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