| Updated:
Helical Bar to keep spending
HELICAL BAR, the listed property developer, said it has made acquisitions totalling £90m since 30 September 2011 against a backdrop of “severely constrained” lending.
Helica said acquisitions and new lettings had helped boost its rental income, net of irrecoverable property costs, from £20m to £25.8ma year.
It also disposed of non-income producing properties, totalling £40m during the same period.
The developer said it also agreed £133m of new bank facilities including a £100m revolving credit facility with The Royal Bank of Scotland.
“Our ability to secure new finance against a backdrop of severely constrained lending is a testament to the continued momentum Helical has delivered over the period,” Slade added.