11th Aug 2015 06:51
LONDON (Alliance News) - Property developer Helical Bar PLC on Tuesday said a joint venture between it and funds managed by The Baupost Group LLC have agreed to sell the company which owns One Bartholomew Close in central London.
The pair are selling the property for GBP102.4 million to clients of Ashby Capital LLP, with the proceeds to be used to return equity to the joint venture partners and provide capital for the final phase of the residential portion of the scheme.
The site is part of Helical Bar's Barts Square mixed-use development.
"This deal with Ashby represents a further milestone at our major Barts Square mixed use development and enables us to deliver a high quality office building in 2018 when there is anticipated to be a shortage of supply in central London. It also allows us to redeploy capital into the final phase of the residential aspect of the scheme," said Helical Director Gerald Kaye.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Helical Bar