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Thu February 25 2021

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Canadian pension fund backs Creechurch Place development

7 May 14 Helical Bar has struck a joint venture agreement with a Canadian pension fund for its Creechurch Place project in the City of London.

Creechurch Place
Creechurch Place

Skanska is set to start construction of the £95m project – previously called One Mitre Square – this summer.

Healthcare of Ontario Pension Plan Trust Fund (HOOPP) has agreed to take a 90% stake in the JV with Helical Bar keeping 10%. Helical Bar will act as development manager, for which it will receive a promote payment depending on a successful outcome. This agreement also enables the City of London Corporation to grant a new long lease to the JV company.

The new 17-storey building will comprise 271,000 sq ft of offices and 2,000 sq ft of retail space on the ground floor. Demolition to ground level has already been completed.

Helical Bar director Gerald Kaye of said: "We are pleased to be working with HOOPP on this exciting development in the heart of the insurance district in the City and we believe the building is well placed to capitalise on the continued demand in the area for high quality office space."

HOOPP chief investment officer Jeff Wendling added: "We are delighted to be working with Helical Bar on Creechurch Place as part of our expanding UK platform, which includes our successful partnership with The Crown Estate in the development of St James's Gateway, Piccadilly; and our co-venture with Verdion in the industrial sector."

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MPU
MPU

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