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Helical gets £50M loan from Wells Fargo to fund London office project

Property investment and development company Helical PLC obtained a £50.4 million five-year loan from Wells Fargo Bank NA's London branch to fund its office project above the Farringdon East Crossrail Station in London.

The six-story, 90,000-square-foot development is slated for completion in November 2019 and will also feature a restaurant on the ground floor. Helical bought the site from Transport for London in April, according to a release.

The loan facility will be drawn down during the construction of the project and will then be converted into an investment facility for the remaining term, with a 1.75% interest rate cap on £40 million between January 2020 and July 2023 to hedge against future interest rate hikes.