11th Apr 2025 13:11
(Alliance News) - Helical PLC on Friday said it has agreed the forward sale of 100 New Bridge Street in London for GBP333 million and reported "significant activity" across its portfolio ahead of full-year results next month.
The London-focused property developer, in a joint venture with Orion Capital Managers LPP, exchanged contracts with an undisclosed S&P 500-listed firm for the sale of the corporate entity that owns the 195,000-square-foot office development.
The sale is due to be completed upon practical completion of the building, which is expected in April 2026.
Helical said the deal reflects a capital value of GBP1,712 per square foot and a yield of 5%. Its 50% share of the net proceeds is GBP166.5 million.
It expects to receive at least GBP27 million in net profit from the joint venture once the sale is completed, and said it will consider returning up to 100% of those profits to shareholders.
Chief Executive Officer Matthew Bonning-Snook said the disposal, along with the November sale of its 50% stake in The JJ Mack Building for GBP139 million, ensured that Helical's development pipeline is now fully funded.
In a trading update covering the six months to April 10, Helical said it had made progress on several projects. It secured a GBP125 million development loan from HSBC Holdings PLC for 10 King William Street, where construction is underway, and won planning consent for student accommodation at Southwark.
The group also has ongoing refurbishment projects at Brettenham House and Paddington, and lettings continued at its investment estate, including The Bower and The Loom, though some floors became vacant during the period.
As of March 31, Helical had GBP68.6 million in cash and GBP195.8 million in drawn bank facilities. Net debt stood at GBP127.2 million, down from GBP261.6 million a year earlier.
Helical shares were up 5.9% to 184.20 pence on Friday afternoon in London.
By Eva Castanedo, Alliance News reporter
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