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Helical joint venture secures £140m facility for London scheme
13th Jul 2020 10:05
(Sharecast News) - Helical announced on Monday that its 50-50 joint venture with AshbyCapital has secured a £140m facility from Allianz, to finance the development of 33 Charterhouse Street.
The London-listed firm said the facility has a four-year term, with the option to extend to a fifth year.
It expected the first drawdown to be in the third quarter, from which point all future development costs would be fully-funded by the facility.
Helical said 33 Charterhouse Street, acquired by the joint venture in 2019, is next to Farringdon Station on the upcoming Elizabeth Line railway in London, with planning permission for the development of around 200,000 square feet of office space.
The building, which is targeted for completion in summer 2022, would be opposite the new Museum of London, with 10 floors of office space and three ground floor retail units.
Alongside the new facility, the joint venture also announced that it has exercised the option under its development agreement with the City of London Corporation to secure a new 150-year lease.
The design and build contract with the principal contractor was expected to be signed shortly, the company added.
"We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19," said Helical finance director Tim Murphy.#
"We look forward to working with them over the coming years as we set to work on delivering this exciting development opportunity."
Charles-Etienne Lawrence, investment director at AshbyCapital, added that securing the facility was "a testament" to both the quality of the scheme and the strength of the sponsors.
"We are delighted to be partnering with Allianz and look forward to delivering a best-in-class building, which will contribute to the wider regeneration of the area."
At 0954 BST, shares in Helical were up 1.99% at 314.14p.
The London-listed firm said the facility has a four-year term, with the option to extend to a fifth year.
It expected the first drawdown to be in the third quarter, from which point all future development costs would be fully-funded by the facility.
Helical said 33 Charterhouse Street, acquired by the joint venture in 2019, is next to Farringdon Station on the upcoming Elizabeth Line railway in London, with planning permission for the development of around 200,000 square feet of office space.
The building, which is targeted for completion in summer 2022, would be opposite the new Museum of London, with 10 floors of office space and three ground floor retail units.
Alongside the new facility, the joint venture also announced that it has exercised the option under its development agreement with the City of London Corporation to secure a new 150-year lease.
The design and build contract with the principal contractor was expected to be signed shortly, the company added.
"We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19," said Helical finance director Tim Murphy.#
"We look forward to working with them over the coming years as we set to work on delivering this exciting development opportunity."
Charles-Etienne Lawrence, investment director at AshbyCapital, added that securing the facility was "a testament" to both the quality of the scheme and the strength of the sponsors.
"We are delighted to be partnering with Allianz and look forward to delivering a best-in-class building, which will contribute to the wider regeneration of the area."
At 0954 BST, shares in Helical were up 1.99% at 314.14p.