(Alliance News) - Helical PLC on Monday said it has had a "good first half" after completing four new lettings and the sale of its Kaleidoscope property in September.
In a trading update ahead of its half-year results, the London-based property investor said it completed four new lettings, delivering contracted rent of GBP1.3 million at a 2.2% premium to March 31 estimated rental value. Helical will receive GBP1.2 million of the contracted rent.
The lettings include the 12th floor of The Tower, located in EC1 which was let to Stenn Technologies, and a further letting at The Loom, in E1, at a rent of GBP60 per square foot, a 9.2% premium to March 31's ERV.
At the company's Barts Square site, located in EC1, a retail unit of 4,695 square feet was let to Restaurant St. Barts who opened for trading in early October. Two further retail units of 2,281 square feet are currently under offer, leaving two final units of 3,400 square feet available to let.
Helical completed GBP200 million of sales in the period, all above its March book value. This included the GBP158.5 million sale of Kaleidoscope to Chinachem Group and the sale of Trinity in Manchester to clients of Mayfair Capital for GBP34.6 million.
At October 21, Helical had collected 97% of its September quarter rent, up from 94% in the same period last year.
Chief Executive Officer Gerald Kaye said: "We have had a good first half of the financial year with both development and leasing targets being met or exceeded. We achieved practical completion of The JJ Mack Building, EC1 on 30 September 2022 and have a strong level of interest from occupiers seeking the best-in-class and most sustainable office space. Elsewhere, we recently sold Kaleidoscope, EC1 at a 4.25% net initial yield, having completed our exit from Manchester in July, as well as disposing of an office and further residential units at Barts Square, EC1."
Shares in Helical were trading 6.9% higher at 316.97 pence each in London on Monday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Helical Bar (HLCL)