Developer secures £165m to kickstart construction of central London scheme
Helical Bar has secured a £165m funding deal to kickstart construction of its Sheppard Robson-designed Barts Square scheme in central London.
The funding is a revolving credit facility from HSBC, refinancing £35m of existing debt, also from HSBC.
The new deal provides funding for the construction of phase one of the scheme which incorporates 144 residential units, 24,000 sq ft of office accommodation, retail/restaurant space and public realm improvements.
Tim Murphy, finance director at Helical Bar, said: “Helical has a longstanding relationship with the team at HSBC and we are pleased to extend this relationship with the agreement of this new five year development facility.”
Oliver Rippier, development executive at Helical Bar, said: “This new facility has enabled the joint venture to start on site and with 50 apartments already sold out of the 88 apartments initially released in Phase 1, we are confident the scheme will be a great success.”