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LONDON (Alliance News) - Helical PLC on Friday said it has enjoyed a "strong six months" after reaching practical completion on two office schemes and the first phase of a residential scheme.
In the period that started in October 2018 and ended Thursday this week, the property developer practically completed its One Bartholomew office scheme in Barts Square, London.
One Bartholemew is a new 12-storey building and has been pre-sold to clients of Ashby Capital LLP and is currently 35% let.
In addition, the first phase of the company's residential scheme - also at Barts Square, in the City of London near Smithfield Market - was completed with the company having sole 134 units for gross of GBP171.8 million. The second phase began in March.
Practical completion was also achieved at the developer's Trinity office scheme in Manchester, which underwent redevelopment works during the period. Helical said is has seen "a significant amount of tenant interest" in the building and expects it will be substantially let in 2019.
During the period, the company sold Shepherd's Building in London for GBP125.3 million at a 12% premium to its book value and Booth Street in Manchester for GBP11.9 million at a 21% book value premium.
The company has extended to repayment date for its GBP200 million loan facility to July 2021.
Helical also extended the repayment date on its Barts Square development loan facility to December 2021 and reduced the loan's size. Helical's share of the Barts Square loan is now GBP52 million, down from GBP58 million, while the total loan has been cut to GBP118 million from GBP133 million.
On Thursday this week, Helical's borrowings comprised: GBP493 million of investment and development facilities, of which GBP330 million had been drawn down; joint venture bank facilities totalling GBP52 million, of which GBP49 million was drawn down.
The company also has a GBP100 million unsecured convertible bond that must be repaid on converted in June.
Helical had GBP210 million of cash and net borrowings of around GBP278 million on Thursday, compared to GBP399 million of cash on September 30.
"Despite the uncertainty caused by the current political backdrop, we have had a strong six months which has seen us reach practical completion on two office schemes and the first phase of residential at Barts Square," said Helical Chief Executive Gerald Kaye.
"We continue to see strong interest in the remaining space in our recently completed buildings and make progress in growing contracted rents towards our portfolio's [estimated rental value]. This letting success provides us with the confidence to continue the search for new projects to add to our current portfolio," Kaye added.
Shares in Helical were up 1.8% at 341.00 pence on Friday.
