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LONDON (Alliance News) - Property investors Helical Bar PLC Friday said it has sold Battersea Studios in south London to Schroder UK Property Fund in a deal worth GBP35 million.
The studio was originally built in the 1970's as a warehouse for BT Group PLC and subsequently turned into a broadcasting centre by a Middle Eastern broadcaster. Helical Bar later acquired vacant possession of the site for GBP8 million in 2005.
The company refurbished the property into 56,848 square feet of studio offices, a café and a number of TV studios.
Once the main building was fully let, Helical Bar built a new 51,194 square feet office building in the car park of the site in 2008.
The property currently produces a passing rent of GBP1.5 million a year
Helical Bar was trading at 374.00 pence Friday morning, up 1.00 pence or 0.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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