Helical reveals progress on London properties and new debt facility
London-listed property development firm Helical said it has made “good progress” on a number of targets it set earlier this year, in a trading update ahead of its half year results.
In the six months ending 11 October, Helical started work on a “carbon friendly” office next to City Thameslink station, and is repairing its Brettenham House in West London.
It has also inked a four year deal for a £125m development facility to fund construction at its 10 King William Street property.
In September, Helical renewed its revolving credit facility, revising it down to £210m from £300m for a further three years with two one-year extensions.
“Construction is now underway on three new office schemes, with plans progressing at the remaining future development sites,” said Matthew Bonning-Snook, Helical’s new chief executive.
“A new revolving credit facility is in place which pushes out our debt maturity, and proactive management of our investment portfolio is reducing vacancy,” he added.
Helical also has two more schemes in the pipeline, one in Southwark and the other in Paddington.
“We will continue to recycle our portfolio,” Bonning-Snook continued, “as market conditions allow, providing funds for our future pipeline as well as containing our gearing levels.
“The market appears to be moving in our direction, with our best-in-class office developments due to deliver into a supply constrained 2026.”
Helical, which took a hit last year following the collapse of Wework, recently completed sales of three properties for a combined total of £105.5m.