Helical NAV nudges up after lettings spree
Helical’s net asset value has grown by 1.1% following a spate of London office lettings.
The firm’s NAV grew to £573.7m, in the six months to 30 September, up from £567.4m in March.
The London and Manchester office-focused REIT’s London portfolio, which accounts for around 85% of its investments, rose to £836.1.8m, up from £793.6m. Its Manchester portfolio, which makes up the remaining 15%, remained unchanged at £127m.
Helical’s net asset value has grown by 1.1% following a spate of London office lettings.
The firm’s NAV grew to £573.7m, in the six months to 30 September, up from £567.4m in March.
The London and Manchester office-focused REIT’s London portfolio, which accounts for around 85% of its investments, rose to £836.1.8m, up from £793.6m. Its Manchester portfolio, which makes up the remaining 15%, remained unchanged at £127m.
Pretax profit for the half year was £13.1m, down from £29.1m.
Net rents increased to £13m, up from £11.7m.
The firm secured 133,218 sq ft of new London office lettings, delivering contracted rent of £9.8m. These include Snowflake signing a five-year lease for 9,568 sq ft on the 14th floor of its Old Street scheme, The Tower, EC1.
The deal followed Helical signing marketing group Incubeta for the 16th floor of the building in June.
Chief executive Gerald Kaye said: “As we let the remaining 121,000 sq ft of available space and the 99,000 sq ft of developments due to achieve practical completion by January 2020, we will make significant headway towards capturing the portfolio’s see-through ERV of £59.6m.
“Our current portfolio will continue to generate such profits as it reaches its fully let and stabilised potential. Further growth is dependent on the group unearthing new opportunities and management’s efforts are focused on achieving this.”
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