fbpx
Register Log-in Investor Type

News

Helical collects 92.9% of rent during COVID

Helical lets Kaleidoscope office to TikTok

London office developer Helical collected 92.9% of rent in the year since the lockdown was first implemented in the UK.

The group said of the balance, 4.9% had been granted rent holidays – mainly on its food and beverage tenants, and 2.2% subject to ongoing discussions.

Of the current quarter, to the end of June 2021, the group had so far received 82.8% of rent and said it anticipates to have collected between 91% and 95% by the end of June.

Chief executive Gerald Kaye said he expects to see the increasing reoccupation of all its buildings by tenants as the easing of restrictions in the UK continues.

He added the quality and appeal of its buildings has been confirmed by recent letting deals ahead of the estimated rental value (ERV) placed on the buildings by valuers.

This included the 88,581 sq ft letting of the Kaleidoscope building in EC1 to TikTok Information Technologies on a 15-year lease at an annual rent of £7.6m and a 5.4% premium to 31 March 2020 ERV.

Financing

At 31 March 2021, the group held £82.1m of cash and a further £77.3m of sales proceeds and rent collected in bank accounts available to service payments under its loan agreements. In addition, the group had £200m of undrawn loan and overdraft facilities.

It had drawn £341m of its £531m of investment facilities, with an average maturity of 3.3 years and a weighted average interest cost of 3.3%.

HLCL : Helical collects 92.9% of rent during COVID

previous story | next story

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…