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Property developer and investor Helical said it expects its earnings for the year to be 'relatively unaffected' amid the ongoing Covid-19 pandemic and said it would continue to monitor whether a final dividend for 2019 remained appropriate.
For the period 1 October 2019 to 31 March 2020, the company sold its Power Road Studios multi-let office campus in London for £41.58m in December 2019 above book value. reflected a net initial yield of 4.8%.
The company also sold a further 22 units across both residential phases at Barts Square in London, and expected to wrap up legal completions on an additional 22 exchanged units over the coming weeks.
Helical also completed 14 new lettings in London, delivering contracted rent of £8.6m, and completed four new lettings in Manchester, generating contracted rents of £0.3m.
'At this stage we expect our earnings for the year to be relatively unaffected by the current crisis. However, we note that the RICS has issued guidance to valuers to include a material uncertainty clause in their independent valuations and we would expect it to apply to our year end investment property valuations,' Helical said.
At 9:10am: (LON:HLCL) Helical Bar PLC share price was +21.75p at 371.75p