Helical sells Farringdon office for £43.5m
Ares Management has bought a Farringdon office block from Helical for £43.5m.
The investment manager is acquiring the long leasehold at 25 Charterhouse Square, EC1, for a 6.5% discount to its 30 September 2023 book value.
Helical redeveloped the building in 2017. The block is close to the Farringdon East entrance to the Elizabeth Line and comprises 45,000 sq ft of office space.
Ares Management has bought a Farringdon office block from Helical for £43.5m.
The investment manager is acquiring the long leasehold at 25 Charterhouse Square, EC1, for a 6.5% discount to its 30 September 2023 book value.
Helical redeveloped the building in 2017. The block is close to the Farringdon East entrance to the Elizabeth Line and comprises 45,000 sq ft of office space.
Tenants include marketing agency Anomaly, gaming company Entain and communications consultancy Hudson Sandler.
Helical chief executive Gerald Kaye said: “This redevelopment project transformed the existing building and its success in attracting forward-thinking, creative occupiers is testament to its high-quality design, accessible location and excellent amenities. We will look to recycle the proceeds from the sale into our development pipeline, which is focused on delivering best-in-class central London office schemes.”
Wilson Lamont, partner and co-head of Ares European Real Estate, said the company aims to “selectively… invest in the highest quality assets in the centre of Europe’s top cities following a period of market correction”.
Lamont added: “With London at the forefront of this correction, we are now seeing attractive value in Zone 1 locations where tenant demand remains robust, and supply of modern, sustainable space is limited.”
Helical was advised by Ingleby Trice and Clifford Chance; Ares was advised by Appley, TT&G Partners, Squarebrook and DLA.
Photo from Helical
