Ares Management is acquiring a six-storey building in UK’s capital from Helical for £43.5m (€50.8m).
London-listed Helical said it has agreed to sell 25 Charterhouse Square, EC1 to a real estate fund managed Ares, at a price that represents a 6.5% discount to the 45,000sqft asset’s 30 September 2023 book value.
Wilson Lamont, partner and co-head of Ares European Real Estate, said: “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 redeveloped 25 Charterhouse Square in 2017.
Gerald Kaye, CEO 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.”
To read the latest IPE Real Assets magazine click here.
No comments yet