TIDMHLCL
RNS Number : 0065Z
Helical PLC
09 January 2024
9 January 2024
HELICAL PLC
("Helical" or the "Company")
Trading Update for the Period Since 1 October 2023
Helical today provides an update covering its trading activity
for the period 1 October 2023 to 8 January 2024 ("the Period").
Commenting on the Company's activities, Gerald Kaye, Chief
Executive, said:
"It is pleasing to see the positive asset management progress
made over the last few weeks which has resulted in several
significant lettings above the March 2023 ERVs completing across
our high quality, central London portfolio. A key focus over the
coming months is to build on this momentum with further letting
progress."
The JJ Mack Building, EC1
The JJ Mack Building, EC1 is a best-in-class office building
comprising 200,611 sq ft of office space across 11 floors, together
with 5,439 sq ft of ground floor retail. As previously
announced:
-- In November 2023, the 13,408 sq ft ninth floor was let for 10
years to Corio Generation, a subsidiary of Macquarie Group, at a
2.3% premium to the March 2023 ERVs.
-- In December 2023, the first, second and third floors,
comprising 68,002 sq ft, were let to J. Sainsbury plc for its
corporate headquarters, at a small premium to the March 2023
ERVs.
With the sixth and seventh floors, totalling 37,880 sq ft,
previously let to Partners Group, the building is now 58% let with
good interest being shown in the remaining space.
The Bower, EC1
The Bower, EC1 is a landmark scheme comprising 312,573 sq ft of
office space across The Tower, The Warehouse and The Studio,
together with 21,059 sq ft of restaurant and retail space.
-- On 27 October 2023, following non-payment of rent for the
September quarter, we exercised our right to forfeit the individual
leases for six floors let to WeWork in The Tower. Subsequently, we
entered into a short-term licence arrangement with them to
re-occupy the space to 25 December 2023, following receipt of a fee
equivalent to the whole of the September quarter's rent and service
charge due under the terms of the previous contractual
arrangements.
-- Prior to the end of 2023, we:
- Signed a lease with WeWork to 30 May 2024 outside the Landlord
and Tenant Act at the pre-existing rent on the third floor, to
enable them to continue to meet their obligations to their customer
Stripe.
- Let the 9,568 sq ft 14(th) floor to Incubeta, who are an
existing tenant moving from the 16(th) floor, at a rent above the
March 2023 ERVs.
- Signed a management agreement with InfinitSpace to provide
serviced offices at the first and second floors at The Tower.
InfinitSpace have subsequently signed six of the previous members
of WeWork, comprising circa 90 desks and representing approximately
half a floor of the building. A campaign to attract further members
to the scheme has commenced.
Following these initiatives, The Tower is now 85% let, up from
62% following the forfeiture of the original WeWork leases, with
good interest being shown in the remaining space from existing and
potential new tenants. The Warehouse and The Studio are 100%
let.
Continued Strong Rent Collection
As at 8 January 2024, we had collected 97.7% of the December
quarter rent and expect to collect a further 0.9% via agreed
payment plans, with the remaining 1.4% under discussion.
Interim Dividend
The Interim Dividend for the half year ended 30 September 2023
of 3.05p will be paid on 12 January 2024. The Property Income
Distribution ("PID") will be 0.50p, with the balance of the Interim
Dividend of 2.55p representing an additional ordinary dividend.
For further information, please contact:
Helical plc
Gerald Kaye (CEO) Address: 5 Hanover Square, London W1S
1HQ
Tim Murphy (CFO) Website: www.helical.co.uk
Tel: 020 7629 0113
FTI Consulting
Dido Laurimore Email: Schelical@fticonsulting.com
Richard Gotla Tel: 020 3727 1000
Andrew Davis
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END
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