A vehicle managed by Orion Capital Managers has acquired a 50% stake in the 100 New Bridge Street scheme in London from Helical for £55 mln (€64 mln).
Helical, which retains the other 50%, said that the sale of the stake would be used to fund its ongoing development pipeline.
The property, which is located in the City of London, will be fully refurbished and see the addition of two further floors. Helical said that the works would recycle existing materials and retain the original structure of the building.
On completion in spring 2026, the building will comprise some 191,065 ft2 (18,000 m2) of office space plus nearly 4,000 ft2 of ground floor retail. Works are already underways.
Natwest Bank and an institutional lender have agreed to back the devleopment with a total facility of £155 mln.
Gerald Kaye, chief executive 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.'
Added Aref Lahham, managing partner of Orion: '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.'
