7th May 2014 08:59
LONDON (Alliance News) - Property investors Helical Bar PLC Wednesday said it has entered into a joint venture with Healthcare of Ontario Pension Plan Trust Fund (Hoopp) to redevelop Creechurch Place in the City of London.
The new building, near Aldgate underground station, will consist of 271,000 square feet of offices set across 17 floors, with 2,000 square feet of retail space on the ground floor.
Demolition to ground level has already been completed, and the project, which will be built by Swedish construction firm Skanska AB, is due to be started shortly and is expected to be complete by the fourth quarter 2016.
Under the terms of the deal, Hoopp and Helical Bar will jointly fund the project on a 90:10 split, with Helical Bar taking the 10% and acting as development manager, for which it will receive a "promote payment" depending upon the successful outcome.
The stock was trading at 358.00 pence, up 1.50 pence or 0.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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