Helical Bar has had ‘an excellent start’ to the current financial year, with a series of successful sales and acquisitions, as well as an oversubscribed convertible bond issue, according to chief executive Michael Slade.
“We have had an excellent start to this financial year,” says Slade. “Our recent oversubscribed GBP100m convertible bond issue, together with cash released from the sale of mature investment assets, have boosted our firepower to over GBP230m, as we strive to use our equity in the most effective manner to deliver shareholder value. We now have considerable resources to increase our holdings of cash generative investment assets, primarily expected to be offices in regional cities and industrial/distribution warehouses. At the same time we are able to allocate additional capital to our existing central London development programme as well as finance new opportunities.”
Helical Bar has entered in to a joint venture with Healthcare of Ontario Pension Plan to fund the company’s 275,000 sq ft office development at Creechurch Place, London EC3.
It has also acquired of 42-44 Little Britain, EC1A for GBP1.6m to complement its existing Barts Square holdings.
Helical Bar has also purchased a mixed-use portfolio of ten properties for circa GBP40 million at an 8.35 per cent net initial yield, and sold four assets for a combined total of GBP38m, all above book value.