1st Mar 2016 08:50
LONDON (Alliance News) - Helical Bar PLC said Tuesday it had seen strong progress in its development programme over the five months to February 29, as it used funds from sales to renew its portfolio.
The property developer said it was planning a second interim dividend of 5.15 pence, which will take its full-year dividend to 7.45p.
Helical Bar said it had a busy period in its portfolio, with a number of acquisitions and sales. During the five months it completed the acquisition of The Bower in London for GBP248.0 million, the largest transaction in the company's history, as well as purchasing Power Road Studios in London for GBP34.2 million and three regional assets for GBP13.0 million.
Helical Bar added it had completed the letting of The Bower site, and obtained planning permission for the complete refurbishment of its site on Charterhouse Square in London, to provide 38,500 square feet of offices and 5,100 square feet of restaurant use.
The group said it had sold seven units at Barts Square in London, taking sales to 99 residential units totalling GBP127.0 million, and elsewhere, it had sold a six-asset portfolio for GBP29.0 million.
Helical said its London portfolio provides "opportunities for capital growth and development profits", whilst its regional portfolio "provides significant cashflow for the group".
"I am pleased to report another period of strong progress in our development programme with lettings achieved above anticipated estimated recovery value levels on new and refurbished space," said Chief Executive Michael Slade.
Shares in Helical were up 2.4% at 388.50p on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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