Helical Announces £333m Forward Sale of 100 New Bridge Street Development
Why we think this is good
The trading update from Helical plc contains a mix of positive and neutral information. On the positive side, the company has announced the forward sale of its 100 New Bridge Street development for £333m, which will enable it to return capital to shareholders. The update also highlights progress across the company's development pipeline, including securing funding and planning approvals for key projects. However, the update also notes some challenges, such as increased vacancy rates at The Bower property. Overall, the combination of the major property sale, development progress, and manageable headwinds suggests a GOOD sentiment for the company's performance.
Key Points
- £333m forward sale of 100 New Bridge Street development
- Progress on development pipeline, including securing funding and planning approvals
- Increased vacancy rates at The Bower property
Summary
Helical plc has announced the forward sale of its 100 New Bridge Street, EC4 development for £333m (Helical's share: £166.5m), reflecting a capital value of £1,712 per sq ft. The sale will enable the company to repay the £155m (Helical share: £77.5m) development facility and return surplus funds to shareholders. Helical also reported progress across its wider development pipeline, including securing funding and planning approvals for key projects such as 10 King William Street, EC4 and Southwark, SE1. However, the update noted some challenges, including increased vacancy rates at The Bower property in EC1.