24th Jul 2015 07:58
LONDON (Alliance News) - Property developer Helical Bar PLC on Friday said it has continued to make progress on its portfolio in its financial year to date with good progress made on its London schemes.
Helical said it secured 46,500 square foot of lettings, with a further 47,500 square foot under offer as its C-Space and The Bower schemes in London in the period from April 1 to July 23. The company also said it has made good progress on sales at phase one of the residential element of its Barts Square scheme, with 86 units exchanged at a total sales price of GBP114 million.
The group added an 80,000 square foot residential and retail scheme in Covent Garden to its portfolio in the period and has submitted a planning application for Charterhouse Square in London, with a decision expected in the fourth quarter.
Helical exited its Polish investments in the period, with the sale of retail developments in the country, and has sold off 14 retirement villages since April 1.
"We remain committed to increasing our investment in London and believe that continued economic growth will continue to provide opportunities for future income and capital appreciation for some time to come," said Chief Executive Michael Slade.
In a separate statement on Friday, Helical said it has secured the acquisition of a portfolio of logistics assets, while also offloading some existing investments.
Helical said it will pay GBP37.5 million for six individual logistics warehouses, located in Stevenage, Stone, Bristol and Alfreton. The purchase price reflects a net initial yield of 7.8%.
Helical added it has struck a GBP28.5 million deal to sell eight logistics asset to BMO Global Asset Management, reflecting a net initial yield of 6.35%. The assets are located in Barking, Maidenhead, Chichester, Gloucester, Gravesend, Milton Keynes, Northampton and Bedford.
Helical shares were up 0.7% to 425.00 pence Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Helical Bar