Helical has posted a 3.7% increase in net asset value in its final year results, rising from 456p to 473p per share.
The group has also recorded a dip in its property portfolio from £1.24bn to £1.2bn.
During the 12 months to 31 March 2017, the company posted a 9.8% valuation increase on its London portfolio – where it has increased its weighting to 63% of the total portfolio – at £666m, compared with £593m on 31 March 2016.
Across its regional portfolio, where it intends to place a stronger focus on Manchester and the logistics sector, it posted a 2.1% valuation decrease, at £351m, compared with £460m on 31 March 2016.
Valuation of the London portfolio was supported by strong letting activity and the completion of refurbishments. Rents, including prelets at the Bower, increased to £27.9m, from £23.6m.
Rents on the regional portfolio were £24.3m, compared with £32.4m last year. The company disposed of 22 regional assets during the period comprising 13 logistics units, three offices and six retail assets for £117m.
It had a total property return of £79.9m from £164.4m, with development losses of £5.7m (compared to last year’s profits of £27.5m) and net gain on sale and revaluation of investment properties of £38.6m from £93.7m.
Chief executive Gerald Kaye said: “We believe our concentration on offices and mixed-use assets in London, offices in Manchester and well located logistics units will provide capital growth from development gains and rising income streams.
“We have ambition to continue to grow the company and have actively sought to add to our development pipeline with exciting new schemes, particularly in London. Rebalancing the portfolio through the sale of non-core assets enables us to recycle some of the value we have created in recent years and fully pursue those opportunities that we have identified.”
Watch a video tour of Helical’s 25 Charterhouse Square
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