Further progress towards development milestones

RNS Number : 4035F

Helical Bar PLC

23 May 2013

 



23 May 2013

Helical Bar plc ("Helical"  "Helical Bar" or "Group")

HELICAL BAR MAKES FURTHER PROGRESS TOWARDS DEVELOPMENT MILESTONES

Helical Bar is pleased to announce significant progress at the development projects at Brickfields, White City and 200 Aldersgate Street, London EC1.

At Brickfields, White City, where the Group has a development agreement with Aviva, contracts have been exchanged by Aviva to sell the site. Completion is expected in August 2013 and this will crystallise Helical's profit sharing arrangement.

At 200 Aldersgate Street, London EC3, where the Group has a development management agreement with Deutsche Pfandbriefbank, the building is now 90% let, above the letting threshold which will crystallise an additional fee to the Group, once the property is sold.

Michael Slade, Chief Executive of Helical Bar, commented, "During the last 12 months we have sought to make significant progress in the milestones we set at the beginning of 2012. These two transactions will monetise our interest in the two respective schemes and, upon completion of the sale of the two assets, should realise for the Group no less than £40m profit, or 34p per share, of which £27m, or 23p per share was included in our 31 March 2013 EPRA net asset value per share."

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