19th Nov 2015 09:03
LONDON (Alliance News) - Property developer Helical Bar PLC on Thursday said it has struck a deal worth GBP248.0 million to take control of The Bower office development in Old Street, east London.
Helical has exchanged contracts to acquire the development for a total of GBP248.0 million from Crosstree Real Estate Partners LP, which currently owns the site in a joint venture with Helical. As part of the deal, Crosstree will acquire the joint venture's retail assets in Old Street.
Helical will fund the deal via existing cash resources and a new bank finance facility of GBP200.0 million.
"We acquired The Bower, in joint venture with Crosstree, at a time when the renaissance of the Old Street quarter was in its early days, and have seen the area transformed over the last three years, supported in part by the achievements we have made at the scheme to date," said Helical Development Director Gerald Kaye.
"We expect The Bower will be a significant long term holding for Helical and we are confident it will contribute to the continued growth of the company," he added.
Helical Bar shares were up 0.6% to 442.50p on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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