Helical plc, in joint venture with Places for London (Transport for London’s property company), has conditionally exchanged contracts on the sale of its purpose-built student accommodation (PBSA) scheme at the Southwark over station development, via a forward funding agreement, to a vehicle wholly owned by Places for London.
The latest example of Helical’s equity light strategy, the transaction values the PBSA scheme in excess of £200 million ($267 million) once completed, with the joint venture targeting a return on its equity of more than 3.0x.
Comprising 429 high-quality student studios, new retail space and substantial public realm enhancements, the AHMM-designed scheme delivers a PBSA building situated above the Grade II listed station, conceived to offer a best-in-class student living experience in one of London’s most connected locations.
The PBSA supports the scheme’s delivery of 44 affordable homes and associated community facilities. As part
