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.........but really will have to tell someone soon...that RNS is kind of amazing........!!!
agree - however checking the BB's this doesn't seem to be on PI's radars - which is a good time to invest. so keep it between you and me :-)
.the sp is not reacting yet......seems to be a 'ripper'...!!!
Yep - very nice :-)
Has anyone seen this mornings RNS.............!!!!!!!!...............Seems very strong results
movements already?
23 September 2013 Helical Bar plc ("Helical" or "Helical Bar" or the "Group") HELICAL BAR CRYSTALLISES SIGNIFICANT DEVELOPMENT PROFIT Helical Bar today announces the receipt in cash of its profit shares arising from its development agreement with Aviva Investors for Brickfields, White City, and its asset management agreement with Little Britain Holdings (Jersey) Limited for 200 Aldersgate, London EC1. This follows the completion of the sale of the site at White City to Imperial College and the sale of Little Britain Holdings (Jersey) Limited to clients of Ashby Capital LLP. These transactions crystallise a total profit to the Group of c. GBP62m, of which GBP27m was included in Helical's 2013 Full Year EPRA net asset value per share. Gerald Kaye, Development Director, commented: "The high quality of the refurbishment and the success of the letting programme achieved at 200 Aldersgate is a great achievement for the team. We have repositioned the building as a vertical village that has attracted a diverse line-up of tenants and we have created a compelling investment opportunity going forward." Matthew Bonning-Snook, Development Director, commented: "Having originally purchased our site in White City before its designation as one of the Mayor's "Opportunity Areas", we have played a significant role in formulating the vision for the area. Alongside Aviva, we have created considerable value through the planning process, concluding with Imperial College purchasing the site to deliver its impressive proposals for the extended Imperial West Campus." Mike Slade, Chief Executive of Helical Bar, added: "Helical Bar has made extraordinary progress in the year to date and the crystallisation of the profit from White City and 200 Aldersgate marks a significant milestone for the Group. These profits, combined with the proceeds from our successful retail bond, have provided a substantial war-chest for the Group, funding our recent purchases totalling GBP120 million, and clearly demonstrate the outstanding efforts of our team to create value for our shareholders." ---Ends--- For further information, please contact:
Helical Bar: JP Morgan increases target price from 230p to 260p and downgrades to neutral.
Helical Bar has beat expectations - but thanks to strong property management rather than the clever development for which it used to be famous "It’s the first time in five or six years we can be really happy with what we’ve done," said Mike Slade, Helical Bar ’s (HLCL) chief executive, as he unveiled the first increase in the half-year dividend since 2007. After years of decline, Helical's adjusted net asset value (NAV), which marks trading properties up to market value, rose 1 per cent over the half year to 252p. That beat expectations. Most analysts had assumed Helical's high-yielding investment portfolio, which it keeps to cover administrative and interest costs as well as dividends, would fall with the market, dragging down NAV. But a spate of lettings and rent increases underpinned a slight valuation increase (up 0.2 per cent, on a like-for-like basis). That vindicates Helical's much-criticised acquisition of the shopping centre in Corby. "The trend was to say everything in retail is bad, but if you buy well you’ll do very well out of retail over time," scoffs Mr Slade. He insists the seller, Land Securities, "left a lot on the table". Development profits of £4.7m (2011: £1.8m) mainly reflected the sale of a site at Fulham Wharf with planning permission for a Sainsbury’s and 463 homes. The pace of deal flow may now quicken. Helical received planning permission this week for a mixed-use scheme next to Barts Hospital in London, and it's also looking to pre-let an office project in the City’s insurance district.
Helical Bar has received a resolution to grant planning permission and conservation area consent for its proposed mixed use development at the former St Bartholomew’s Hospital site in London, EC1. The Members of the City Planning Committee voted unanimously in favour of the resolution to grant planning permission and conservation area consent subject to entering into a Section 106 Agreement and other defined planning conditions. The buildings on the site are currently let to the NHS but will become vacant on a phased basis over the course of the next two to four years and Helical’s scheme, designed by architects Sheppard Robson, will bring much needed regeneration to this area of the City. The scheme comprises circa 230,000 sq ft of office space in two buildings and 215 high quality residential apartments in 17 buildings with retail space at ground floor level. The developer proposes significant public realm improvements, which will be incorporated into the wider Smithfield Area Strategy being worked up by the City.
Given the £130m of new bank facilities agreed during the year, the average maturity of its debt is now 2.7 years, up from 2.1 years in 2011, at an average cost of debt of 4.1%, down from 4.35%.
He said that the group is increasingly redirecting its hard-earned equity to London and the South-East markets, currently representing 47% of the portfolio. "The next few years are all about Central London and happily that is where we hold our most exciting assets. The prospects for substantial profits in respect of our London and retail developments provide cause for optimism for the future performance of the company."
Net asset value per share slipped 1% to 250p, from 253p the year before. The full-year dividend per share was raised by 5% from 4.9p to 5.15p, better than consensus expectations of a 5p payout. "We have performed strongly over the year and the continued efforts to address the imbalance in our business by increasing the company's weighting towards income producing properties has been vindicated by Helical's return to profitability," said Chief Executive Michael Slade.
During the year, Helical Bar sold £50m of investment assets and £26m of development sites, recovered £16m of cash through the sale of 50% of its retail development at Gliwice in Poland and re-cycled these proceeds in over £100m of investment assets. This helped its share of net rental income jump by 29% from £17.8m to £22.9m. However, the firm said that the Eurozone crisis and its potential impact on the UK led to decreased valuations for a number of its development site which led to a write-down of £4.5m, still well under the £14.9m write-down the year before.
Not only did property development and investment firm Helical Bar swing back into the black in the year ended March 31st, it recorded profits well ahead of analysts' forecasts, helped by its increased London activities. Pre-tax profit totalled £7.4m, ahead of expectations of £6.4m and compared with a loss of £6.3m the year before.
In the Times the Tempus column runs the rule over property firm Helical Bar and decides it does not really measure up. In the last three months of last year 13 of the group's tenants went out of business or failed to renew their rents, cutting income by over £700,000, and there’s the rub for investors with Helical Bar. Its office blocks and retail spaces are not in high demand. Nor did it gamble during the downturn and buy up every available plot of land like some of its bigger rivals. Tempus thinks this stock is best left well alone until the projects it has now begun to develop actually come on to the market.
Duncan Walker, Investment Director of Helical, said: "Corby is a strong town with a fast growing population and its retail offer dominates the catchment area. The assets we have acquired generate a strong cashflow and offer the potential to enhance value through an active programme of asset management. "This significant acquisition brings the total of assets bought by Helical during 2011 to over £185m and is in line with our stated focus of purchasing assets that, through the application of a range of initiatives, present clear opportunities to grow income and thereby drive increases in capital value over time."
Helical acquires Corby Town Centre from Land Securities in £70m transaction Helical Bar plc has acquired the freehold interest in land and buildings in Corby Town Centre from Land Securities Group PLC for a total consideration of approximately £70m, reflecting an initial yield of circa 8%. The 25 acre freehold interest comprises: · Willow Place, a new 175,000 sq ft shopping centre completed in 2007 and anchored by Primark and TK Maxx; · Corporation Street and surrounding areas, the 290,000 sq ft original Corby shopping centre with Iceland, Poundland, Peacocks and Wilkinsons as principal tenants; · Oasis Retail Park, 35,000 sq ft let to Argos, Dream, Farmfoods and Home Bargains; · A number of ancillary buildings and development land. The purchase will be funded by a combination of bank debt and existing cash held within the business and will enhance Helical's net rental income by circa £4.3m. Key asset management initiatives include: · the continued leasing of vacant space (currently at 7.5% by ERV) where seven new leases have been agreed in the last three months; · the conversion of a block to A3 use to create a leisure hub (this block already has A3 consent and is opposite the new civic centre of the town, where planning applications are lodged for a new cinema and hotel); · the extension of the Willow Place mall upon securing a pre-let; and · conversion of vacant upper parts to residential (subject to planning).
http://www.investegate.co.uk/Article.aspx?id=201110211445486441Q
HLCL has just come up on my stock pick radar - charts included in blog http://theartofstockpicking.blogspot.com/2011/10/hlcl.html
These guys have the wrong strategy IMO. Getting rid of the units, and buying shops, durrr - aren't town center's and shops closing left right and center? Isn't manufacturing picking up? I own a few units, and one or two shops, the companies in the units are doing great, but I wonder how long the shops are going to keep going.
Jack Pitman, Investment Director at Helical Bar, commented: "With a further £20m of sales under offer, in addition to the £42m completed since the year end, we are continuing to make good progress with our capital recycling programme. Having already acquired over £115m of properties since the start of this calendar year, including our latest acquisition in Basildon, we are confident that we will be able to deploy the equity from these sales into attractive, income producing assets where we can use our asset management skills to deliver future growth."
Helical continues capital recycling programme In line with its strategy of selling non-income producing assets or those with limited potential and recycling capital into investment opportunities, Helical Bar is pleased to announce that it has completed £42m of asset sales since the 31 March year end and made an acquisition in Basildon for £11.1m. All disposals were undertaken at, or marginally above, the year end valuations. The competed sales are as follows; · An office investment in Southwark Street, London SE1 in an off-market sale to Dorrington plc for £19.5m · A portfolio of four industrial estates for £12.1m in Fleet, Glasgow, Hailsham & Blackwood, South Wales. The portfolio had a vacancy rate of 28%. Helical was represented by Tudor Toone · A retail property in the centre of East Grinstead for £5.85m · Three vacant industrial units in Southall, West London, for £1.117m · Eight units at Helical's retirement village in Liphook for £3.5m. In addition, Helical has acquired 80-104 Town Square, Basildon for £11.1m, reflecting an 8% net initial yield. The retail block, with offices above, was acquired from DTZIM. Since acquisition, Helical has already agreed terms to regear three of the retail leases and completed new leases on two office suites. Tenants include JD Sports, Nationwide and T-Mobile. CWM acted for the vendor and Jones Lang LaSalle for the purchaser.
http://www.investegate.co.uk/Article.aspx?id=201107080700100133K
Helical Bar reveals 2011 loss Date: Thursday 26 May 2011 LONDON (ShareCast) - Commercial property firm Helical Bar posted a full year pre-tax loss but maintained it had drawn a line under the difficulties of the last four years as it makes progress with sales and its acquisitions trail. The group's share of net rental income rose 19% to £17.8m for the year to 31 March 2011. Net gain on sale and revaluation of investment properties fell to £7.5m from £8.2m in 2010. Diluted EPRA net asset value, including trading and development stock surplus, dropped to 253p per share from 272p in 2010. Helical reported a loss before tax of £6.3m during the year compared to a profit of £7.9m the year before. Chief executive Michael Slade commented, "It has been a long and hard four years since the warning bells sounded in mid 2007. It has required patience and discipline, however, the slate is now clean and the platform established to enable us to return to our outperforming ways." Sales of assets totalled £110m during the year and a further £58m has been sold or agreed since the year end. Sales include £60m of non-income producing assets. Chairman Giles Weaver added, "The number of sales achieved during the year, and subsequently, draw a line under the difficulties of the last four years and the company can move forward confidently." "Helical is now actively pursuing new investment and development opportunities. We are pleased with the number and quality of investment purchases, in particular our acquisition at Barts, London EC1."