The property investment and development company secured the facility — which is initially repayable in July 2024 — with Barclays Bank, HSBC, NatWest and Wells Fargo Bank.

The facility has two one-year extension options, which could extend the repayment date to July 2026.

The facility replaces the existing £150m RCF and the £200m development facility on Helical’s largest asset The Bower in London, EC1.

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Drawdowns of up to 60% of value are allowed and on completion, the facility was £221m drawn, leaving £179m available for future acquisitions.

Tim Murphy, finance director at Helical, said: "With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long-term refinancing of this key asset together with a portfolio of London and Manchester offices.

“The new facility extends the average maturity of the company's borrowings to 4.7 years (31st March 2019: 2.7 years) and reduces the weighted average interest rate to 3.6% (31st March 2019: 4.0%)."