Helical sells 90 Bartholomew Close for £48.5m
Helical and Baupost Group have exchanged contracts to sell 90 Bartholomew Close, EC1, for £48.5m to La Francaise Real Estate Partners International.
It follows the collapse of the sale of the 30,929 sq ft property in March to Aberdeen Standard Investments for £51m, which was around £7m more than the original asking price of £44m, reflecting a 3.9% yield.
The sale price represents a net initial yield of 3.92% and a capital value of £1,594 per sq ft.
Helical and Baupost Group have exchanged contracts to sell 90 Bartholomew Close, EC1, for £48.5m to La Francaise Real Estate Partners International.
It follows the collapse of the sale of the 30,929 sq ft property in March to Aberdeen Standard Investments for £51m, which was around £7m more than the original asking price of £44m, reflecting a 3.9% yield.
The sale price represents a net initial yield of 3.92% and a capital value of £1,594 per sq ft.
Helical put the building up for sale in January with Fineman Ross and Ingleby Trice following a major revamp that completed in 2018.
It is let to six tenants, including Eric Salmon & Partners, Northridge and Constantine Cannon, providing around £2m of annual income. The weighted unexpired term is around eight years, with just under six years to the first break.
La Francaise Real Estate Partners International is a pan-European investment business acting on behalf of a French collective real estate investment vehicle with €23bn of assets under management.
Gerald Kaye, chief executive at Helical, said: “Despite operating in a constrained environment, the timing of this sale reflects my firm belief that the attraction of good quality London real estate for international capital will continue. 90 Bartholomew Close is an integral part of the Barts Square estate as it forms a recognisable landmark ‘gateway’ to the newly created public realm and retail offering.”
Peter Balfour, investment director at LF REPI. added: “90 Bartholomew Close marks the milestone of our first acquisition in the UK on behalf of La Francaise funds and signifies the intention to grow our assets under management in the UK real estate market.”
JLL acted for La Francaise Real Estate Partners International.
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