Helical has exchanged contracts on the sale of the long leasehold of the 45,000 sq ft 25 Charterhouse Square office building in London to a real estate fund managed by global alternative investment manager Ares Management for £43.5m.
The disposal price represents a 6.5% discount to the 30 September 2023 book value.
The six-storey BREEAM Excellent-rated building, which is located a minute’s walk from the Farringdon East Elizabeth Line station entrance, was redeveloped by Helical in 2017.
Gerald Kaye, chief executive of Helical, said: “25 Charterhouse Square is a great example of how Helical is delivering modern, attractive workplaces while staying true to its sustainability aims. 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 focussed on delivering ‘best-in-class’ Central London office schemes.”
Wilson Lamont, partner and co-head of Ares European Real Estate, added: “We are delighted to work with Helical as we selectively look to invest in the highest quality assets in the centre of Europe’s top cities following a period of market correction. With London at the forefront of this correction, we are now seeing attractive value in zone one 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.
