Helical's joint venture with The Baupost Group, L.L.C. has exchanged contracts on the sale of 90 Bartholomew Close to La Francaise Real Estate Partners International (LF REPI), a pan-European investment business acting on behalf of a French collective real estate investment vehicle. The disposal price of £48.5m reflects a net initial yield of 3.92% (£1,594 per sq ft capital value).

The recently completed six-storey building provides 24,013 sq ft of office space, as well as a 6,414 sq ft restaurant which is occupied by the award-winning LINO. The five office tenants are from a range of industries including law, software design and business consultancy. The total headline rent roll of £2,031,224 per annum reflects an average of £76.26 per sq ft on the office accommodation.

La Française Real Estate Partners International, a La Française group member company, provides a complete investment management service in both direct and indirect real estate investments for a wide range of international clients across continental Europe, the UK and Asia.

Gerald Kaye, CEO, Helical, said: “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. We look forward to continuing working closely with LF REPI to ensure the estate goes from strength to strength.”

Peter Balfour, Investment Director, LF REPI added: “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.”

Helical was advised by Ingleby Trice and Fineman Ross. JLL acted for La Francaise Real Estate Partners International.