Last checked at 23 Sep 2013 11:30
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. £62m, of which £27m 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 £120 million, and clearly demonstrate the outstanding efforts of our team to create value for our shareholders."
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For further information, please contact:
Helical Bar plc Gerald Kaye / Matthew Bonning-Snook
| 020 7629 0113 |
FTI Consulting Stephanie Highett / Dido Laurimore / Nina Legge | 020 7831 3113 |