LONDON (dpa-AFX) - Property manager Helical Bar Plc. (HLCL.L) Thursday said it has exchanged contracts on the purchase of 207 Old Street, London EC1 and 211 Old Street, London EC1, collectively known as The Bower development, for a combined price of 248 million pounds. The vendor was a joint venture company owned by Helical and an affiliate of Crosstree Real Estate Partners LLP.
Simultaneously, Crosstree has agreed to acquire the Joint Venture's retail parade, at 183-213 Old Street, London EC1, for 23 million pounds.
In undertaking the transaction, Helical will acquire 207 Old Street Unit Trust and 211 Old Street Unit Trust and dispose of its interest in the Old Street Retail Unit Trust, the asset owning entities, for a combined net 76 million pounds payment to Crosstree, plus refinancing the existing external debt of 88 million pounds.
Helical will fund the acquisition through existing cash resources and new bank finance.
In London, Helical Bar shares were trading at 442.65 pence, up 0.60 percent.
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