In QuotedData’s morning briefing 20 May 2024:
- HarbourVest Global Private Equity (HVPE) reported its monthly NAV for April 2024. HPVE has an estimated NAV per share of $50.47 (£40.40), a decrease of 0.4% in US dollar terms over the previous month. HPVE invested $55m into HarbourVest funds over April, as part of its $2.3bn investment pipeline, with HPVE receiving $6m from distributions. No new commitments were made to HarbourVest funds in April.
- Helical (HLCL) has entered into a joint venture arrangement for the redevelopment of 100 New Bridge Street, London, selling a 50% interest for £55m on a preferred equity basis to a vehicle led by Orion Capital Managers. The building, originally completed in 1992, will be taken back to the frame and comprehensively refurbished with new cladding and two additional floors. The net internal area of the office space will be 191,065 sq ft, with 3,592 sq ft of retail at ground floor. Simultaneous to the joint venture being signed, the parties entered into a development financing arrangement with NatWest and an institutional lender; NatWest is providing £50m of the £155m facility. The joint venture has also signed a building contract with Mace. Construction work has already commenced and the building is scheduled to complete in March 2026. The proceeds will be used to fund Helical’s ongoing development pipeline.