The sale of two major London projects, after years of planning, crystallised an exceptional £62m of net profit for Helical Bar (HLCL), prompting a sudden jump in the developer’s net asset value (NAV).
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The first was an office at 200 Aldersgate, which had been vacant since law firm Clifford Chance relocated to Canary Wharf in 2005. Helical was appointed as development manager by a German bank in 2010, refurbished it, found tenants and ultimately sold it to a specialist asset manager. The other deal was a joint venture with Aviva that involved getting planning for a mixed-use development at White City. In September the site was sold to Imperial College.