London-focused property investment and development firm Helical is selling half of a 194,000sqft office redevelopment project for £55m (€64.3m) to a vehicle led by Orion Capital Managers.
Helical said it has agreed to partner Orion Capital to redevelop the 100 New Bridge Street, London EC4 building which is scheduled to be completed in March 2026.
The proceeds from the stake sale will be used to fund Helical’s ongoing development pipeline, the London-listed firm said.
Helical said the newly created partnership has also entered into a development financing arrangement with banking group NatWest to provide £50m of a £155m facility.
Gerald Kaye, CEO of Helical, said: “We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon-friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top quality office space in the City.”
Aref Lahham, managing partner of Orion, said: “We continue to believe that there is a window of opportunity in bringing best-in-class, green office space to the city market to capture the pressing tenant demand whilst supply remains constrained.”
The 100 New Bridge Street building constructed in 1992 will be stripped down to its core structure and entirely renovated.
The joint venture has signed a building contract with Mace.
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