Helical makes 'good progress' as focus switches to Bart's Square asset

26th Sep 2018 08:02

(Sharecast News) - Helical told investors on Wednesday that it had made good progress on its current development pipeline, completing the second and final phase at The Bower, before switching focus to its One Bartholomew project.In its Wednesday morning trading update, the London-listed investor saw significant activity across finance and treasury during the last six months, securing a £50.4m development and investment facility with Wells Fargo to finance the Farringdon East over-station development and a new £150m revolving credit facility with Barclays, HSBC and RBS.As of 25 September, Helical held £72m of cash with net borrowings of £413m.Elsewhere, the first phase of Helical's 144 residential unit project at Barts Square resulted in the sale of 120, with the group exchanging contracts on a further 14 units for a combined gross sales value of £171.9m.Helical revealed the second phase of the project, comprised of 92 units, was launched in March 2018 and since then, contracts on 28 units have been exchanged for a gross sales value of £45.2m.As of 1030 BST, Helical shares had slipped 0.44% to 342.50p.