Helical PLC £50.4M FACILITY TO FUND FARRINGDON EAST SCHEME (3336A)
September 11 2018 - 2:00AM
UK Regulatory
TIDMHLCL
RNS Number : 3336A
Helical PLC
11 September 2018
11 September 2018
HELICAL PLC
('Helical'/ 'the Company')
HELICAL AGREES NEW GBP50.4M SECURED FACILITY TO FUND FARRINGDON
EAST OVER-STATION DEVELOPMENT
Helical plc has agreed a new GBP50.4m five-year loan facility
with Wells Fargo Bank N.A., London Branch to part finance the
development of its new six-storey, 90,000 sq ft office development
above Farringdon East Crossrail Station, London, EC1.
Helical took possession of the site from Transport for London in
April 2018 and has now started on site. The development, which will
incorporate a restaurant unit at ground floor level, sits
immediately to the east of Smithfield Market and provides views of
Charterhouse Square and towards St Paul's Cathedral. Completion of
the scheme is expected in November 2019, shortly after the revised
opening of the Elizabeth Line.
The new facility will be drawn down during the construction
phase and will convert into an investment facility for the
remainder of its term. Protection against future interest rate
rises will be provided by a 1.75% interest rate cap on GBP40m
between January 2020 and July 2023.
Matthew Bonning-Snook, Property Director at Helical,
commented:
"We are pleased to start this exciting new scheme in a location
that we know well, sitting adjacent to our Charterhouse Square
property and close to the new urban quarter we are creating at
Barts Square. We are confident that the building will attract
strong interest from potential tenants."
Tim Murphy, Finance Director at Helical, commented:
"I am pleased we have arranged this facility with Wells Fargo, a
new lender to Helical, and looking forward to working with them on
this project."
For further information please contact:
Helical
Matthew Bonning-Snook
Tel: 020 7629 0113
www.helical.co.uk
@helicalplc
FTI Consulting
Dido Laurimore/Tom Gough/Richard Gotla
Tel: 020 3727 1000
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END
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