WeWork Update
1 November 2023
HELICAL PLC ("Helical" or the "Group")
WeWork Update
Following recent press coverage regarding WeWork, Helical confirms that last Friday, the 27 October, it exercised its right to forfeit the individual leases for six floors at The Bower, Old Street, following non-payment of rent for the September quarter.
Subsequently, Helical has entered into a short-term licence arrangement with WeWork, who have re-occupied the building, with Helical having received a fee equivalent to the whole of the September quarter's rent and service charge due under the terms of the previous contractual arrangements.
Helical is working on next steps for the space and will provide an update when the half year results are announced on 22 November.
For further information, please contact:
Helical plc 020 7629 0113
Gerald Kaye/ Tim Murphy
FTI Consulting 020 3727 1000
Dido Laurimore/ Richard Gotla