UK property group Helical has sold its 50% stake in the JJ Mack Building to partner AshbyCapital.
The listed Central London-focused real estate firm said it has sold its interest in Charterhouse Place, the owner of the JJ Mack Building, in a deal that values Helical’s stake at £139.2m (€166m).
The 10-storey, office-led building project, completed in September 2022, offers 200,611sqft of office space, 9,172sqft of terrace space and 5,474sqft of ground-floor retail space. It is currently 90% leased.
Matthew Bonning-Snook, CEO of Helical, said: “The JJ Mack Building is truly a best-in-class office building, demonstrated by the rents we have achieved being significantly ahead of competing buildings in its sub-market.
“This sale is very material to Helical as it releases sufficient cash to ensure that the equity requirements of our entire exciting development pipeline, totalling over 685,000sqft of offices and a 429 unit purpose build student accommodation scheme, are now fully funded.”
Peter Ferrari, CEO of AshbyCapital, said: “We are delighted to have completed the purchase of our partner’s 50% share in The JJ Mack Building to add another market leading office asset to our uniquely high quality long term central London portfolio.
“With only one 20,000sqft floor remaining to let, the transaction marks the conclusion of this highly successful partnership with Helical and we look forward to further joint projects in the future.”
An earlier version of this story incorrectly stated the full value of the JJ Mack Building. Helical’s 50% stake in the building is valued at £139.2m, giving the building a total value of £280m.
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