Helical plans buying spree amid rising profit and portfolio value
Helical has turned its focus to buying new central London assets, after the office developer swung back to a half-year profit and the value of its portfolio rose for the six months to 30 September.
The London-listed company said this morning that its net asset value had risen by 2.4% to £622.6m, up from £608.2m at the start of the financial year.
It made a pretax profit of £31m, up from a £12.7m loss at the same point last year, while earnings per share were 18.2p, up on a loss of 8.9p in 2020.
Helical has turned its focus to buying new central London assets, after the office developer swung back to a half-year profit and the value of its portfolio rose for the six months to 30 September.
The London-listed company said this morning that its net asset value had risen by 2.4% to £622.6m, up from £608.2m at the start of the financial year.
It made a pretax profit of £31m, up from a £12.7m loss at the same point last year, while earnings per share were 18.2p, up on a loss of 8.9p in 2020.
The developer, which five years ago resolved to focus only on central London property, said it had collected 94.5% of September quarter rent, which it said had been helped by the reopening of its food and beverage tenants. A further 2.6% is expected to come in via agreed payment plans.
Chief executive Gerald Kaye said that, against this backdrop, Helical was now “focused on adding a pipeline of new opportunities to our portfolio”.
“[We] are actively engaged in the market, identifying, appraising and bidding for central London assets. At the same time, we are maintaining our discipline, ensuring that any new scheme will be accretive to our business and continue our growth,” he said.
Helical also updated investors that its 205,000 sq ft office building at 33 Charterhouse Street is still on course for completion in September 2022.
The scheme, which was awarded a BREEAM Outstanding rating in 2020, is to serve as a case study for its upcoming sustainability strategy, which is to be published in the next six months.
Helical also vowed not to rely on the use of carbon offsetting to hit net zero, rather to invest in building technology, using eco-friendly construction methods and low-carbon materials.
That comes after a number of London developers have published offsetting-heavy net zero strategies in recent months, including the developers behind the King’s Cross Estate.
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Image © Helical
