Clifford Chance

Clifford Chance advises Helical Plc on their joint venture with Orion Capital Managers for the redevelopment of 100 New Bridge Street

Clifford Chance has advised long-standing developer client Helical plc on their joint venture for the redevelopment of 100 New Bridge Street, London EC4 and the sale of a 50% interest for £55 million on a preferred equity basis to a vehicle led by Orion Capital Managers.

The joint venture is a continuation of our work advising on 100 New Bridge Street with the team previously having advised Helical plc on their acquisition of the former Baker McKenzie London HQ in 2021 in order to undertake this carbon friendly office redevelopment. Helical plc is a leading UK real estate company specialising in the redevelopment of highly sustainable, best-in-class London office buildings.

As part of the transaction Clifford Chance also advised the joint venture on the entry into a development financing arrangement with NatWest and an institutional lender; NatWest is providing £50 million of the £155 million facility. The joint venture also simultaneously signed a building contract to undertake the redevelopment with Mace.

The building, originally completed in 1992, will be taken back to the frame and comprehensively refurbished with new cladding, two additional floors and an exceptional terrace providing magnificent views of St Paul’s Cathedral and across Central London.

Construction work on the project has already commenced, on which Clifford Chance is also advising, and the building is scheduled to complete in March 2026.

The transaction was led by Real Estate Partner Ian Painter who commented: "We were delighted to advise Helical plc and the joint venture with Orion Capital Managers on the 100 New Bridge Street project and look forward to seeing such an exciting development take shape over the next few years. This transaction was a real team effort with numerous workstreams coming together on completion and it highlights the breadth and depth of Clifford Chance's expertise as we advised on the joint venture, the corporate sale, the real estate, planning, construction, as well as the financing and tax aspects."

Gerald Kaye, Chief Executive of Helical plc, commented: “We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top quality office space in the City.”

Ian Painter was assisted on the transaction by Senior Associates Holly Porter and Rose Tinker and Associate Lucy Johnson who advised on the real estate and corporate elements of the deal. Planning and environment input was provided by Partner Nigel Howorth and Senior Associates Katie Kempthorne and Kate Mackintosh and construction input was provided by Head of UK Real Estate Construction Marianne Toghill, Senior Associate Adam Waite and Associate Amy Bristol. Partner Laura Smallcombe, supported by Senior Associate Rubin Trehan and Associate Jonathan Guy, advised on the development financing. Tax advice was provided by Partner Jemma Dick supported by Associates Archie Zverev and Ross Windell.