Helical and a fund managed by Orion Capital Managers have agreed to sell Helical Bicycle 3 Limited — the company that owns the office building at 100 New Bridge St., London EC4 — to an unnamed buyer that plans to use the building itself.
The agreed sale price is £333 million ($430 million), with Helical’s share being £166.5 million ($215 million). This values the building at £1,712 ($2,140) per square foot and reflects a 5 percent yield before costs.
The buyer is a large, publicly listed global company on the S&P 500, with more than $10 billion in assets and strong credit ratings (A to AA) from three agencies.
Once the deal is completed, the joint £155 million ($200 million) development loan (Helical’s share: £77.5 million/$100 million) will be repaid. The expected payment for the shares in Helical Bicycle 3 Limited is £104 million ($134 million), with Helical’s share being £52 million ($67 million). Any extra funds will be distributed to th
