Helical PLC - London-focused property developer - Completes sale of its 50% interest in Charterhouse Place Ltd, the owner of the JJ Mack Building in London, to its joint venture partner, London-based investment company AshbyCapital LLP, for £71.4 million. This reflects a value of £139.2 million for Helical’s 50% share of the property. The building generated contracted rent of £17.4 million on the day of the sale and is 90% let to six office tenants, including J Sainsbury PLC and Partners Group Holding AG.
Chief Executive Officer Matthew Bonning-Snook says: ‘This sale is very material to Helical, as it releases sufficient cash to ensure that the equity requirements of our entire exciting development pipeline, totalling over 685,000 square feet of offices, and a 429 unit purpose-built student accommodation scheme, are now fully-funded. We are already making good progress in delivering this, with construction underway on three new office schemes and plans progressing at our future development projects at Paddington and Southwark.’
Current stock price: 200.85 pence, up 0.6% in London on Friday afternoon
12-month change: up 2.5%
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