EPRA NAV rose 10.2% to 345p per share, helped by a 9.2% valuation increase on London offices and 8.8% on regional offices.
The current composition of the portfolio is 40% London offices, 35% retail, 13% industrial, 11% regional offices, 1% other.
Helical Bar’s investment portfolio value rose to £691.6m from £600.7m at the end of March. Its share of rents rose to £40.9m from £37.7m in March.
LTV stands at 33% on a secured basis and 53% overall.
The company was a net buyer during the period, with acquisitions totalling £94m and sales totalling £46m. Purchases of new properties equalled roughly one every eight days, according to this morning’s results.
The company has sold a further £38m of assets since September, including the Sutton in Ashfield shopping centre for £16.1m to Ellandi and a 70,000 sq ft retail parade in Basildon, Essex to Kames Capital for £9.65m.
Chief executive Mike Slade said Helical Bar was confident that the UK economy would continue to grow outside London and the South East, and the company would continue to invest in regional assets “both for their relatively high yield and the potential to create added value”.
Slade said the property industry was likely to be affected by “the usual hiatus” in the run up to the general election and ongoing uncertainty in the eurozone over the next 12 months, but said he felt confident that Helical Bar’s portfolio was well placed to weather economic fluctuations.
