Helical Completes £333 Million Forward Sale of Prime City Office Scheme
Why we think this is good
The RNS announcement details the forward sale of Helical's 100 New Bridge Street development in London for £333 million, representing a favorable capital value and yield for the company. The transaction is well-structured, with the development facility being repaid and surplus funds being distributed to the joint venture partners. While the news is positive overall, it does not meet the criteria for a 'Very Good' rating as there are no explicit profit upgrades or trading significantly ahead of expectations.
Key Points
- £333 million forward sale of 100 New Bridge Street development in London
- Transaction reflects strong demand for prime, sustainable office space in the City
- Sale price represents a capital value of £1,712 per sq ft and a 5% yield
- Existing £155 million development facility will be repaid, with surplus funds distributed to joint venture partners
Summary
Helical plc has exchanged contracts for the forward sale of its 100 New Bridge Street development in London for £333 million. The transaction, which is expected to complete in April 2026 upon practical completion of the building, represents a capital value of £1,712 per square foot and a 5% yield. The sale will result in the repayment of Helical's £155 million development facility, with surplus funds being distributed to the joint venture partners. The 195,000 sq ft office scheme is targeting the highest sustainability and technology standards, including EPC A, BREEAM 'Outstanding', NABERS 5*, WELL Platinum and WiredScore Platinum ratings.