LONDON (dpa-AFX) - Helical Bar Plc (HLCL.L), a British property development firm, said on Wednesday that it signed a contract to partner with Transport for London or TfL, on commercial office portfolio joint venture or JV.
Helical owns 51 percent of the JV, whereas TfL remaining 49 percent.
'The joint venture company will purchase leasehold interests in the sites from TfL and establish individual property companies for each of the sites. The sites will then be developed directly by the company, which is to be funded with equity and debt,' Helical said in a statement.
Helical will initially deliver new high-quality and sustainable office space above or close to London Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark, totaling around 600,000 sq ft.
Earlier, TfL's wholly owned commercial property company had selected Helical as its preferred investment partner for its sustainable commercial office portfolio across central London.
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