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La Française collective real estate investment vehicle acquires first UK asset

17 April 2020

A La Française collective real estate investment vehicle, represented by La Française Real Estate Partners International, has acquired its first UK asset from the joint venture formed between Helical PLC and The Baupost Group, L.L.C.

La Française collective real estate investment vehicle acquires first UK asset

The recently developed office and retail property is located at 90 Bartholomew Close in the City of London, between St Paul’s and Farringdon underground stations. The property is multi let to 6 tenants from a range of sectors.

The property, certified BREEAM Excellent, was developed by Helical PLC and completed in 2018 as part of the first phase of its mixed-use urban quarter, known as Barts Square. Originally a linoleum factory, it was rebuilt behind a retained Victorian façade and provides 24,000 sq.ft. of grade A offices across six upper floors and a retail unit of 6,400 sq.ft on ground and lower ground levels.

The property has unrivalled connectivity due to the proximity of three key transport hubs: St Paul’s (Central Line), Barbican (Circle, Hammersmith & City and Metropolitan Lines) and Farringdon (Elizabeth Line). It is also close to Culture Mile, a new cultural area formulated around three development projects including Smithfield Market, the Centre for Music and Beech Street.

The agreed purchase price was £48.5m and purchase reflects a net initial yield of 3.9%. JLL represented La Française Real Estate Partners International and Ingleby Trice and Fineman Ross represented the Seller.

David Rendall, CEO of La Française Real Estate Partners International, said, “We are delighted to secure the property and grow assets under management in the UK. This follows the recent completion of an office development by La Française Real Estate Partners International at 10 George Street in Edinburgh on behalf of a Danish client.”

Peter Balfour, Investment Director of La Française Real Estate Partners International – UK, said, “90 Bartholomew Close marks the milestone of our first acquisition in the UK on behalf of La Francaise funds and signifies the intention to grow our assets under management in the UK real estate market. We are pleased to have purchased a key building in Helical’s Barts Square estate and anticipate good growth prospects associated with the completion of new developments nearby. 90 Bartholomew Close makes a good addition to our group’s portfolio of €23 billion in assets under management.”

Gerald Kaye, CEO, Helical, commented, “Despite operating in a constrained environment, the timing of this sale reflects my firm belief that the attraction of good quality London real estate for international capital will continue. 90 Bartholomew Close is an integral part of the Barts Square estate as it forms a recognisable landmark ‘gateway’ to the newly created public realm and retail offering.”

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