1st Oct 2014 07:39
LONDON (Alliance News) - Helical Bar PLC and the main operating subsidiary of Songbird Estates PLC Wednesday said they have reshaped their respective portfolios.
Helical Bar said it has exchanged contracts on the forward sale of 99 Clifton Street in Shoreditch, London, with UBS Triton Property Fund for GBP38.3 million.
In November 2013, Helical Bar agreed to acquire the new 43,000 square foot freehold office building for GBP21 million from the developer on practical completion of the building, which is expected next year.
Helical secured the contract with a GBP1 million deposit which has been reimbursed by UBS Triton.
Meanwhile, Songbird Estates said its main operating subsidiary, Canary Wharf Group PLC, has agreed to sell 50 Bank Street to Crosby Investment Holdings Inc in a deal worth GBP153.5 million.
The site, which comprises 216,000 square feet of office accommodation on 11 floors, is fully let, with the exception of level three, to Northern Trust.
The total annual income including the rent guarantee is approximately GBP8.6 million.
Songbird said the proceeds from the sale will be used to fund future investments including a 58 floor residential tower at Newfoundland, an extension to Canary Wharf on land to the east of the existing district, where outline consent has been given for a 4.9 million square foot mixed-use development and the redevelopment of the Shell Centre site .
Helical Bar shares were quoted up 0.9% at 353.25 pence Wednesday morning, while Songbird shares were untraded at 261.02p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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