Helical today issues its Interim Management Statement covering its activities for the period from April 1, 2012 to July 23, 2012.
Highlights
- Development program continues to generate positive momentum with the company appointed as preferred developer for the 220,000 ft² (approx. 20,400 m²) ScottishPower headquarters and an outline planning application submitted for Brickfields, White City, London W12.
- Further solid progress achieved in program of disposals of low or non-income producing assets, with £10 million (approx. 12.8 million) of sales and circa £25 million exchanged or under offer at or above book value.
- Additional profit share of £7.25 million crystallized at Fulham Wharf, SW6, following the sale of the site.
- £31.5 million of debt refinanced since March 31, 2012 with a small reduction in the company's overall average cost of debt taking it to 4.0% (March 31, 2012: 4.1%).
Commenting on the company's activities, Michael Slade, Chief Executive, said: "Since the year end we have made significant progress with our development program including the submission of an outline planning application at Brickfields, White City, London W12 and the crystallizing of a further profit share following the landowner's successful sale of the site at Fulham Wharf, London SW6.
"We are also excited by a number of development opportunities that are enhancing our already considerable pipeline, including our recent selection as preferred developer for a landmark new headquarters for ScottishPower."
Source: FTI Consulting
