Helical posts record profit
Helical Bar has delivered a record pretax profit of £68.9m – up from £5.2m this time last year – in its interim results to the end of September. The massive increase was caused by a surge in development property profit. Its net asset value increased by 6.8% to 282p a share.
Shaftesbury NAV leaps
West End specialist Shaftesbury posted a 13.9% leap in net asset value to £5.67p a share in its annual results. The company said that its development programme across its 13-acre estate – now valued at more than £2bn – curtailed income and profit, which was stable at £30m.
Second Irish REIT launched
A new property company, Hibernia, is to become the second REIT to launch in Ireland. The firm has raised €125m (£104m) out of a €350m target, which will be invested in assets valued between €10m and €15m by Nowlan Property REIT Management.
Picton placing raises £11.9m
Picton Property Income has raised £11.9m through a share placing. The listed company, which has a 61-strong industrial and office portfolio, plans to invest in new assets and bring forward existing projects.
Aviva MD exits after 27 years
Aviva’s managing director of global asset management Richard Jones is leaving the company in a round of job cuts. Jones has been with Aviva’s real estate asset management business for 27 years.
