Helical Bar has sold off £10m worth of low-income producing assets and has secured refinancing for £31.5m of debt since 30 March.
The refinancing has led to a small decline in the company’s overall average cost of debt, down from 4.1% at the end of the previous quarter to 4% on 23 July.
Assets that have been sold include three industrial estates in Manchester for approximately £7.2m. A further £25m of non-income producing assets are under offer at above book value, or have been exchanged.
The company’s development programme has gained momentum, with Helical Bar appointed as preferred developer for the new ScottishPower headquarters in Glasgow. Work on the 220,00 sq ft building is due to begin in 2013, with completion expected in 2015.
Chief executive Michael Slade said: “Since the year-end we have made significant progress with our development programme, including the submission of an outline planning application at Brickfields, White City, London W12 and the crystallising of a further profit share following the landowner’s successful sale of the site at Fulham Wharf, London SW6.
“We are also excited by a number of development opportunities that are enhancing our already considerable pipeline, including our recent selection as preferred developer for a landmark new headquarters for ScottishPower.”
sophia.furber@estatesgazette.com
