Helical Acquires Farringdon Development Site Through Joint Venture

LONDON (Alliance News) - Property investor Helical PLC said Monday it has acquired a development ...

Alliance News 20 May, 2019 | 12:06PM
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LONDON (Alliance News) - Property investor Helical PLC said Monday it has acquired a development site in Farringdon, central London through a joint venture with property investment advisory firm AshbyCapital for an undisclosed price.

The site has been acquired from clients of Nuveen Real Estate, which is part of US asset manager Nuveen, and already has an existing planning consent for a 192,000 square feet building for offices and retail.

Demolition has already been undertaken, and construction of the new building will start later in 2019, scheduled to be completed in early 2022.

"We are big fans of the Farringdon area, which attracts a broad spectrum of occupiers and benefits from superior transport links. We have achieved considerable success in the area to date and are very pleased to be acquiring a further opportunity to add to our Grade A office portfolio of Barts Square, The Kaleidoscope above Farringdon East Crossrail Station and 25 Charterhouse Square," said Chief Executive Gerald Kaye.

Shares in Helical were up 0.4% at 352.00 pence on Monday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Helical PLC 380.00 GBX -2.31 -
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