Helical Bar PLC
6 July 2000
HELICAL BAR & PRUDENTIAL ACQUIRE AT THE HEIGHTS, BROOKLANDS, WEYBRIDGE
The Prudential Assurance Company Limited has purchased the Procter & Gamble
building of approximately 109,000 sq ft at The Heights, Brooklands, Weybridge
on a sale and leaseback basis.
In a simultaneous transaction, Prudential and Helical Bar have also agreed to
purchase the adjoining 22 acre development site from Procter & Gamble and are
proposing a top quality office campus development comprising circa 340,000 sq
ft net in five buildings. Construction is due to start on site later this
year with completion in spring 2002.
Peter Hoskyn, Director: Investment - South East at Prudential says 'the
acquisition of the headquarters building and the development land is
considered an excellent opportunity to tap into the continuing performance in
the south-east office sector activity for well located business parks offering
significant amounts of space.
Gerald Kaye of Helical Bar says 'we are delighted Prudential have agreed to
fund Helical Bar on Brooklands which is one of the best remaining development
opportunities to the west of London'.
Helical Bar is working in conjunction with Averley Wood Properties.
Prudential was advised by King Sturge, Helical Bar by Insignia Richard Ellis
and CB Hillier Parker and Healy & Baker for Procter & Gamble on the sale.
For further information, please contact:
Gerald Kaye Emma Denne
Helical Bar plc Financial Dynamics
020 7629 0113 020 7831 3113