Helical PLC Trading Update (2721F)
July 15 2021 - 1:00AM
UK Regulatory
TIDMHLCL
RNS Number : 2721F
Helical PLC
15 July 2021
15 July 2021
HELICAL PLC
("Helical" or the "Company")
Trading Update for the Period Since 1 April 2021
Helical today provides an update covering its trading activi ty
for the period 1 April 2021 to 14 July 20 21 ("the Period") , ahead
of its 2021 Annual General Meeting to be held later today .
Commenting on the Company's activities, Gerald Kaye, Chief
Executive, said:
"In common with other central London office landlords, we are
seeing a marked increase in enquiries from potential tenants for
our vacant space and have been successful in agreeing terms at 31
March 2021 ERVs. Coupled with signs that tenant-controlled space is
being withdrawn from the market as occupiers reverse decisions made
during the pandemic to sub-let that space, we are confident that
our best-in-class offices will continue to outperform in a
bifurcated market.
"More generally, sentiment in the letting market is one of
confidence returning, with leasing activity increasing with a
number of 100,000+ sq ft requirements for office space under offer.
Whilst overall central London vacancy rates remain at circa 7%,
that of Grade A space is below 1%, according to a recent JLL
report. This highlights the divergence in the market and reinforces
our view that there will be a clear "green premium" for the
best-in-class office space and a "brown discount" for the
rest."
Operational Performance
Portfolio Update
-- We have completed the letting of the fourth floor at 55
Bartholomew, EC1 to Push Gaming taking the building to 45% let. The
letting is on a fully managed basis, meaning all office costs are
included in one monthly payment and represents a new offering to
tenants by the Group. The net rent is in line with 31 March 2021
ERV.
-- At The Bower, EC3, Stripe have agreed a new three year lease
on 12,398 sq ft at its 31 March 2021 ERV, reflecting a 16% premium
to the rent on the original lease.
-- The 5,588 sq ft seventh floor at Trinity, Manchester has been
let to AEW Architects at its 31 March 2021 ERV. Following this
letting the building is now 55% let.
-- At Barts Square, EC1, we have completed the sale of a further
six apartments in the period, one of which had exchanged prior to
31 March 2021, taking the total number of sold apartments across
both phases to 213. One apartment remains available in Phase One
and 22 apartments are available in Phase Two, of which one is under
offer.
-- Work is progressing in line with programme at 33 Charterhouse
Street, EC1 with nine of the ten storeys of steelwork now erected.
The installation of the curtain walling is due to commence on site
in August. Practical completion remains on target for September
2022.
-- As at 14 July 2021, we have collected 87.3% of the June
quarter rent. Agreements are in place for a further 6.7% to be paid
in instalments in the period leading up to the September quarter
day. As a result, we anticipate that by the end of September we
will have collected between 94% and 96% of all contracted rent.
Sustainability
In April 2021, we launched Designing for Net Zero, a guide to
aid Helical's professional teams as they collaborate on new
development schemes and aim to meet the specific carbon goals of
our projects. During the Period we have also become members of the
Better Buildings Partnership ("BBP") and the UK Green Building
Council ("UKGBC"). Further details of our approach to
Sustainability can be found at
www.helical.co.uk/sustainability.
Financing
At 14 July 2021, the Group had GBP149m of cash, GBP481m of
investment facilities of which GBP341m was drawn down and GBP79m of
development facilities (Helical's share) of which GBP25m was drawn
down.
Dividend
The final dividend for the year ended 31 March 2021 of 7.40p, if
approved by Shareholders at the AGM later today, will be paid on 26
July 2021. This will take the total dividend for the year to 10.10p
(2020: 8.70p).
For further information, please contact:
Helical plc
Gerald Kaye (CEO) Address: 5 Hanover Square, London
W1S 1HQ
Tim Murphy (Finance Director) Website: www.helical.co.uk
Tel: 020 7629 0113
FTI Consulting
Dido Laurimore/Richard Gotla Tel: 020 3727 1000
Schelical@fticonsulting.com
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