Helical PLC - London-focused property investor and developer - Selected as the preferred investment partner for Transport for London's wholly-owned commercial property company, TTL Properties Ltd, subject to contract negotiations and a 10-day standstill period.
The selection relates to TfL's sustainable commercial office portfolio in London. The partnership will see the delivery of new and sustainable office space above or close to London Tube stations. The joint venture company will purchase leasehold interests in the sites from TfL and establish individual property companies for each of the sites. The sites will then be developed directly by the joint venture company, which is to be funded with equity and debt, Helical explains.
The first three development sites will be a the Bank, Paddington and Southwark Tube stations.
Current stock price: 363.50 pence, down 1.1% in London on Wednesday afternoon
12-month change: down 9.5%
By Heather Rydings, Alliance News senior economics reporter
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Helical Bar (HLCL)