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LONDON (Alliance News) - Property investment company Helical Bar Friday said it has committed to forward purchase a new 43,000 square feet office building on Clifton Street in Shoreditch, London for GBP21 million from McLaren Property.
The company will complete the freehold purchase upon practical completion of the construction, which is anticipated for summer 2015.
McLaren Property is the vendor, and McLaren Construction will undertake the development.
Commenting on the deal, Investment Director Duncan Walker said: "This purchase gives Helical further exposure to the dynamic Shoreditch market where we anticipate continued rental growth and tenant demand.
"As a new build, it will complement our recent deals in the form of Maple House on City Road and New Loom House in Whitechapel, all of which present different asset management, letting or refurbishment opportunities," he added.
The stock was trading at 313.00 pence Friday morning, unchanged.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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