Helical and Orion Capital Managers divest London office asset for €388m

Helical and Orion Capital Managers have agreed to sell the 100 New Bridge Street office development in London for £333 mln (€388 mln) to a major S&P 500 company.

The divestment will take place upon the project's completion in April 2026. 
Helical's share of the sale is £166.5 mln (€194.5 mln), representing a a 5% yield. 
The purchase includes the acquisition of Helical Bicycle 3 Limited, the entity that owns the development, for an estimated £104 mln (€121 mln), of which Helical's share is £52 mln (€61 mln). 
The 18,117 m2 building is undergoing a substantial refurbishment designed to achieve top sustainability and wellness certifications, including including EPC A, BREEAM 'Outstanding', NABERS 5*, WELL Platinum and WiredScore Platinum.
The 10-story building is being extensively renovated, including stripping it to its frame, new cladding, and the addition of two floors. A key feature of the finished project will be a 692 m2 terrace on the eighth floor offering stunning views of St. Paul's Cathedral and central London.
Matthew Bonning-Snook, CEO of Helical commented: "This transaction is a true reflection of the quality of 100 New Bridge Street as a London headquarters destination. The very strong interest we received in the scheme over a year ahead of completion is testament not only to its best-in-class characteristics, but also the acute shortage of prime office space within the submarkets Helical has targeted as part of its significant development programme."
Aref Lahham, founding partner and managing director of Orion Capital Managers commented: "The sale of 100 New Bridge Street, following the leasing success of Panorama St Paul's, represents a further vindication of Orion's strategy to gain exposure to leasing risk in new best-in-class offices in the most in-demand locations across gateway cities in Europe. This transaction successfully capitalised on the intensifying occupier demand for the revitalised heart of the City of London amidst increasing supply constraints."
Knight Frank and Ingleby Trice acted as advisors to Helical and Orion Capital Managers.