Revealed in a trading update, this three-year term brings with it two one-year extensions with the sum down from £300m.

This renewal was completed on 30th September 2024. Around the same time, the mark-to-market value of Helical’s existing interest rate swaps was used to enter into £175m of new four-year interest swaps at an average rate of 1.58%.

The amount drawn remains at £188m with an all-in interest rate of 4%, and an average maturity of three years. This is extendable to five years on exercise of two extension options.

The trading update covered a period from 1st April to 11th October, during which Matthew Bonning-Snook (pictured above), became the group’s new CEO.

He succeeded Gerald Kaye who announced in May he would be stepping down after the developer’s losses more than doubled to £189m in the preceding 12 months.

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During this time, sales have been completed on three properties —  securing a total of £105.5m and work has begun on three new office schemes.

The group has also been busy developing its pipeline opportunities. This has included submitted plans to Southwark Borough Council to create a 429-unit PBSA scheme and refinement of an existing application for a 19-storey office building in Paddington.

Helical has been actively letting out more of its properties to increase rental income. For instance, over 44,000 sq ft of the JJ Mack Building in EC1 were let out in this reporting period with vacancy at The Loom, in E1, reducing from 34.9% to 27.4%.

“It has been a busy six months during which we have made good progress delivering on the targets we set ourselves earlier this year,” commented Matthew.
 
“We will continue to recycle our portfolio, as market conditions allow, providing funds for our future pipeline as well as containing our gearing levels. The market appears to be moving in our direction, with our best-in-class office developments due to deliver into a supply constrained 2026.”