(Correcting price for sale of Kaleidoscope leasehold)
(Alliance News) - Helical PLC on Tuesday announced it has sold the leasehold on Kaleidoscope Farringdon for GBP158.5 million to Chinachem Group, a privately owned corporate group.
Helical, a London-based property investor, will exchange contracts on the single asset company, Farringdon East Ltd - which owns the long leasehold interest in Kaleidoscope - in ten days.
The 150-year lease from Transport for London was granted to Helical in 2018.
The six-story building is above the Farringdon East Crossrail station and is occupied entirely by TikTok, who took a 15-year lease in March 2021 at GBP7.6 million per annum.
Helical Property Director Matthew Bonning-Snook said: "Kaleidoscope was the first over station development to complete on the Elizabeth Line and we were able to attract one of the world's fastest growing tech businesses due to its striking design, highly accessible location, excellent amenities and strong environmental credentials.
"We will now seek to recycle the proceeds from the sale into delivering new highly sustainable 'best-in-class' Central London office schemes, where occupier demand remains strong," he continued.
Shares in Helical were down 0.9% at 343.50 pence in London on Thursday.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Helical Bar (HLCL)