14 August 2015
Clifford Chance advises Helical Bar plc joint venture on the sale and forward funding of One Bartholomew Close, London, EC1
Clifford Chance has advised the joint venture between Helical Bar plc and funds managed by The Baupost Group LLC on the sale of their jointly owned company that owns One Bartholomew Close, London EC1, to clients of Ashby Capital LLP (“Ashby”) for £102.4 million.
The transaction was a corporate share sale of the property owning entity and the net proceeds from the sale will be used to return equity to the joint venture partners and provide capital to finance the final residential phase of the redevelopment of Barts Square. Ashby will forward fund the development costs for One Bartholomew Close and when the building is completed the joint venture will receive a profit share payment. Helical Bar will remain as development manager for delivery of the project.
One Bartholomew Close is part of Helical Bar’s Barts Square mixed use development comprising a further 35,000 sq ft of office space in two buildings, 23,100 sq ft of retail/restaurant accommodation and 236 residential units as well as extensive public realm improvements which due to be completed in summer 2018.
Clifford Chance previously advised long standing client Helical Bar on both the establishment of the joint venture and the joint venture's acquisition of the freehold interest in the Barts Square site from Barts and The London Charity in 2011. The Barts Square development is a complex highly structured regeneration project which brings together the wide range of Clifford Chance's specialist real estate skills including corporate real estate and development.
Commenting on Clifford Chance's role, Gerald Kaye, Development Director of Helical Bar, said: "Once again the Clifford Chance team handled a complex transaction in a logical and skilful manner within a tight time scale. They added real value with their advice."
The transaction team comprised Partner Jonathan Solomon and Senior Associate Ian Painter, assisted by Associate Sarah Bool. Construction advice was provided by Director Marianne Toghill and Real Estate Finance advice was provided by Partner Jane Cheong Tung Sing and Senior Associate Zak Ikponmwosa.