Helical agrees £50.4m loan to support office development above station

Helical PLC has agreed a £50.4m five-year loan facility with Wells Fargo Bank NA’s London branch to part finance the construction of a 90,000 sq ft office development above Farringdon East Crossrail station.

The facility will be drawn down during the build 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 £40m between January 2020 and July 2023.

Helical took possession of the site from Transport for London in April 2018 and has started work on the site.

The development will feature a restaurant unit at ground-floor level and will sit immediately to the east of Smithfield Market. 

“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,” said Matthew Bonning-Snook, property director at Helical.

“We are confident that the building will attract strong interest from potential tenants.”

Tim Murphy, finance director at Helical, added: “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.”

Completion of the six-storey office development is expected in November 2019, shortly after the revised opening of the Elizabeth line. 

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