Helical Bar has posted a 13.2% increase in EPRA NAV per share to 436p for the year to the end of September 2015.
The results have been released at the same time as an announcement that the company’s chief executive Mike Slade is to become non-executive chairman in July and will be replaced by deputy chief executive Gerald Kaye. The company has also recorded pretax profit of £85.9m, up 100% from last year’s £42.9m.
Helilcal’s total property return is up 55% from last year at £107.6m with an 18.1% valuation increase in its London investment portfolio, which is now valued at £147m.
At the Bower scheme in Old Street, EC1, the offices in the Warehouse are 92% let and Helical and Crosstree sold Empire House for £20.6m earlier this month.
Helical has also posted a 49% overall loan to value.
Post half-year end, Helical agreed to buy the offices at the Bower from the joint venture for £248m, while joint venture partner Crosstree will buy the retail parade for £23m.
Helical sold a 211,000 sq ft office site at One Bartholomew Close, Barts Square, EC1, for £102.4m and the redevelopment was forward funded, which released £34m to the company.
