Helical

Helical and AshbyCapital secure £140m facility to develop 33 Charterhouse Street



The joint venture between Helical and AshbyCapital has secured a £140m facility from Allianz to finance the development of 33 Charterhouse Street, London.

The funding has a four-year term with the option to extend to a fifth year.

It is anticipated that the first drawdown will be in Q3 2020, from which point all future development costs will be fully funded by the facility.

Acquired by the JV in 2019, 33 Charterhouse Street is a site adjacent to Farringdon Station on the Elizabeth Line and has planning permission for the development of circa 200,000 sq ft of office space.

The building — which is targeted to complete in summer 2022 — will be opposite the new Museum of London and provide 10 floors of office space and three ground-floor rental units.

The JV has exercised the option to secure a 150-year lease with the City of London under the Development Agreement.

The design and build contract with the principal contractor is expected to be signed shortly.

Tim Murphy, finance director at Helical, said: “We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19.” 

Charles-Etienne Lawrence, investment director at AshbyCapital, commented: “Securing this facility is a testament to both the quality of our scheme and the strength of the sponsors. 

“We are delighted to be partnering with Allianz and look forward to delivering a best-in-class building, which will contribute to the wider regeneration of the area.”

Roland Fuchs, head of European real estate finance at Allianz Real Estate, added: “We remain convinced that high-quality, future-thinking and best-connected office schemes in global cities such as London will continue to represent attractive financing opportunities for our investors."


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