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Helical Bar results reveal portfolio up 27%

Helical Bar’s portfolio has topped £1bn, boosted by strong returns from its London development.

The developer has been investing in London while selling a number of its regional shopping centres, distribution warehouses, offices and out-of-town retail parks.

Helical Bar said the capital has been its “engine of growth”, seeing a 27 per cent valuation increase in its London investment portfolio to £370m for the year ended 31 March.

This represented 47 per cent of its total investment portfolio.

The company’s portfolio stood at £1.02bn for the year, up from £802m for the same period the year before.

Helical Bar chief executive Michael Slade said the company has been investing and developing in London, while its regional investment programme “continues to bear fruit”.

He said: “We have seen good demand from occupiers for the assets in our portfolio and strong interest in those types of assets from institutions.

“This is leading to a rise in both rental and capital values as the UK economy strengthens outside London.

“With the general election behind us we can look forward with confidence to a more stable domestic political situation, which should help the UK economy to grow, and we anticipate providing shareholders with continued strong growth in the value of our business.”

Profit before tax fell back to £87.4m from £101.7m the year before.

Total property return increased 10.8 per cent to £155.3m from £140.1m the year before, and included growing net rents of £38.6m (up 30 per cent year on year) and development profits of £17.6m (£65m).

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