Helical EPRA NAV up

Helical's EPRA net asset value per share rose to 471p at the end of September - 3% up from the end of March's restated 456p.

EPRA earnings per share were 4.4p (2015: 13.0p) and IFRS profit before tax was £31.1m (2015: £85.9m).

Other highlights:

- Total property return of £47.8m (2015: £107.6m).

* Group's share of net rental income of £24.6m (2015: £20.8m) - up 18%.

* Net gain on sale and revaluation of investment properties of £25.8m (2015: £68.1m).

- Interim dividend proposed of 2.40p per share (2015: 2.30p) - up 4.3%.

Chief executive Gerald Kaye said: "Against a background of some uncertainty in the UK Real Estate market and widespread debate as to whether the 'property cycle' has peaked or is merely pausing, Helical's results for the half year to 30 September 2016 show growing net rental income, a net gain on sale and revaluation of our investment portfolio, growth in Shareholders' Funds and an increase in our EPRA net asset value per share.

"Helical's portfolio at the half year reflected passing rents of £39m, contracted rents of a further £13m and an ERV of £78m. As this reversionary potential is captured and passing rental income grows, I would expect our EPRA earnings per share to grow proportionately.

"In London, where most of this reversionary potential exists, we have an exciting collection of assets under refurbishment and development in locations where we believe demand from occupiers will continue to be robust. Today's news of a 59,000 sq ft pre-let at The Bower is a good example of this and I am confident that we will continue to attract occupiers to ensure that our schemes become vibrant and dynamic office communities. "Looking ahead, the UK faces a continued period of uncertainty as it seeks its place in a post Brexit world. However, I believe it will remain resilient and London will continue to be a World City attracting people, businesses and investors."

Helical also announced a 59,000 sq ft pre-let, comprising levels one to six at The Tower within The Bower development to WeWork, the global provider of flexible, collaborative co-working space.

The agreement represents over a third of the total space available at the second phase of The Bower, Helical's flagship mixed-use development in Old Street.