Business
PORTFOLIO AND TRADING UPDATE
PORTFOLIO AND TRADING UPDATE.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 3946U Helical PLC 29 March 2019 \n\n \n29 March 2019 \n \nHELICAL PLC \n('Helical'/ 'the Company')\n \nPortfolio and trading Update\n \nHelical plc today provides a portfolio and a trading update covering its activities for the period 1 October 2018 to 28 March 2019 (\"the Period\").\n \nCommenting on the Company's activities, Gerald Kaye, Chief Executive, said: \n \n\"Despite the uncertainty caused by the current political backdrop, we have had a strong six months which has seen us reach practical completion on two office schemes and the first phase of residential at Barts Square, EC1. We have also been successful in attracting tenants to our London and Manchester schemes at record rents for the geographical areas in which we operate. \n \n\"We have sold two office buildings at premiums to book value and reduced our LTV to below 30%, significantly increasing our firepower and our ability to acquire new projects. This has been achieved alongside a lengthening of the weighted average maturity profile of our secured loan facilities and a reduction in the average cost of this debt.\n \n\"Demonstrating the robust demand for good quality, flexible and well-located office space we continue to see strong interest in the remaining space in our recently completed buildings and make progress in growing contracted rents towards our portfolio's ERV. This letting success provides us with the confidence to continue the search for new projects to add to our current portfolio.\"\n \nOPERATIONAL HIGHLIGHTS\n \nIn our development programme:\n· Practical completion was achieved at One Bartholomew, EC1 in December 2018 and at Trinity, Manchester in January 2019;\n· Practical completion was achieved at the final buildings in the first phase of residential at Barts Square, EC1 and the sales of 14 units completed;\n· Our Farringdon East, EC1 scheme had a 'toppi...