Helical and Crosstree invest EUR 75m in London properties

UK-listed Helical Bar and private company Crosstree Real Estate Partners have purchased a site with four properties in London for £60.7 mln (EUR 75 mln).

The acquisition of the 1.2-hectare site adjacent to Old Street Roundabout, London was funded with cash and about £30 mln in bank debt. Helical and Crosstree have a 33%:and 67% economic interest respectively. The vendor was not named.

The freehold interest comprises two large office buildings, 207 and 211 Old Street, which are currently let to multiple tenants at a rent of around £2.1 mln per annum; the land surrounding the office buildings; a retail parade immediately to the west of 207 Old Street at a rent of circa £700,000 per annum; and Empire House at 136-144 City Road which is currently vacant. The four buildings total 26,700 m² of existing net internal space.

The plans for the site involve the refurbishment and remodelling of the two large office buildings, as well as the provision of new 'incubator' studios. Empire House will also be refurbished.

Gerald Kaye, development director at Helical Bar said: 'This is an extremely exciting opportunity for us to make our mark in a fast improving area on the edge of the City of London.' Helical/Crosstree were advised by Jones Lang LaSalle. CBRE and Savills acted for the vendor.