HELICAL · Helical Half Year Results 4 RESULTS HIGHLIGHTS Profit Before Tax £31.1m (2015 -...

1Helical Half Year ResultsHelical Half Year Results

HELICALHALF YEAR RESULTS

to 30 September 2016


AGENDA

One Highlights Gerald Kaye

Two FinancialsTim Murphy

Three PortfolioMatthew Bonning-Snook and Duncan Walker

Four OutlookGerald Kaye

Five Q & A


HighlightsGerald Kaye


RESULTS HIGHLIGHTS

Profit Before Tax £31.1m (2015 - £85.9m)

EPRA NAV Per Share 471pIncrease of 15p (3.3%) from 456p (adjusted)

Dividend Per Share 2.4p Increased 4.3% from 2.3p

Net Rental Income£24.6m – up 18.3%

Valuation Gain £28.6m (+4.0%)

Loan To Value53% (pro-forma 49%)

C Space


STRATEGY

• Continued focus - London offices, Manchester offices, Logistics

• Value enhancement by:

− letting vacant space

− asset management opportunities

• Bring forward new opportunities e.g. King Street, Hammersmith and Drury Lane

• Manage LTV to between 40 – 50%

The Bower


OPERATIONAL HIGHLIGHTS – LETTINGS TO DATE

LondonThe Loom24,724 sq ft

London Office: 102,246 sq ft

LondonC Space15,387 sq ft

Burton-on-TrentPower Road Studios Cortonwood

Regional Office: 26,129 sq ft Logistics: 93,364 sq ft Retail: 87,461 sq ft

TOTAL LETTINGS 309,200 SQ FT95,669 sq ft pre 23rd June 213,531 sq ft post 23rd June

96,754 SQ FT LONDON POST 23rd JUNE

Manchester, Churchgate and Lee House

LondonThe Tower, The Bower59,000 sq ft


OPERATIONAL HIGHLIGHTS – SALES TO DATE

TOTAL SALES £145m£18.6m pre 23rd June £126.4m post 23rd June

London Office: £34.5m

One King Street, Hammersmith

Regional Office: £7.0m

Logistics: £53.8m

Retail: £49.4m

Stevenage

HuddersfieldCheadle


London Office, £611.2m, 49.3%

London - Residential, £60.0m, 4.8%

Regional - Industrial, £210.5m, 17.0%

Regional Offices, £103.5m 8.4%

Regional Retail, £142.6m 11.5%

Other, £8.7m 0.7%

Retirement Villages, £103.5m, 8.3%

London Office, £673.3m, 53.9%

London - Residential, £67.8m, 5.4%

Regional - Industrial, £205.5m, 16.5%

Regional Offices, £102.2m, 8.2%

Regional Retail, £96.9m, 7.7%

Other, £6.0m, 0.5%

Retirement Villages, £97.8m, 7.8%

PORTFOLIO ALLOCATION

TOTAL VALUE MARCH 2016: £1.24bn TOTAL VALUE SEPT 2016: £1.25bn

+4.6%

-3.8%

-0.2%

-0.5%

+0.6%

-0.5%


GROWING RENTAL STREAM INTO THE FUTURE

*Post Half Year Sales included

Regional Offices

Retail

Industrial

London Offices

Regional

London Offices

The Bower Phase 1

London Offices

The Bower Phase 1London Offices

London Offices

London Offices

The BowerPhase 2

The Bower Phase 2

£0

£10

£20

£30

£40

£50

£60

£70

£80

Passing Rent as atNov 2016

Contracted Rent H22016/2017

Contracted Rent H12017/2018

Contracted Rent H22017/20182018/2019

Reversionary Rent Unlet Space

Mill

ion

s

ERV = £ 72.9 m

Passing Rent as at 24 Nov 2016


2016 2017 20182015Sq ft

LONDON PROGRAMME COMPLETION DATES

C-SPACE

THE WAREHOUSE

THE STUDIO

THE LOOM

ONE CREECHURCH

PLACE

25 CHARTERHOUSE SQUARE

POWER ROAD STUDIOS

90 BARTHOLOMEW CLOSE

THE TOWER

ONE BARTHOLOMEW

CLOSE

0

50,000

100,000

150,000

200,000

250,000

300,000

Oct Nov Nov Sept Nov Mar Aug Sept June Aug

Space to Let – Forward FundedSpace to LetLet Space Let Since March 2016


Growth 21.6% 7.4% 12.7% 4.3% Growth 18.6% 23.0% 18.4% 3.3%

STRONG TRACK RECORD OF VALUE CREATION

FinalInterim

264p313p

385p

456p 471p

0

100

200

300

400

500

600

03/13 03/14 03/15 03/16 09/16

pen

ce

EPRA net assets per share (pence)

1.85p 2.00p 2.10p 2.30p 2.40p

5.55p

6.75p7.25p

8.17p

0

2

4

6

8

10

2013 2014 2015 2016 2017

pen

ce

Dividend per ordinary share (pence)


MARKET COMMENT

• Market slowed down pre-Brexit and during post-Brexit uncertainty

• Investment volumes down in Q2 and Q3. Anticipated to pick up in Q4

• Take up in City and Tech Belt below last three years and equivalent to 2012

• Total occupational demand above average. Decisions taking longer/delayed

• Availability increasing but not over supply – start of some schemes delayed

• Rents holding firm – rent free periods increasing by a few months in some cases

“London was the greatest city in the world before 23rd

June and still is after 23rd June.”

Blake HutchinsonPresident and CEO Oxford Properties01/11/2016

“We are committed to the UK and excited to continue our investment in our new King’s Cross campus.”

Sundar PichaiChief Executive at Google16/11/2016


SUMMARY

• Lettings – de-risking

• Sales

• Continued focus

• Recycle capital

• Manage LTV

• Upside potential

One Creechurch Place


FinancialsTim Murphy


SEE-THROUGH INCOME STATEMENT Sep 2014 Sept 2015 Sept 2016

Net rental income £18.8m £20.8m £24.6m +18%

Development profits / (losses) £15.6m £18.7m (£2.6m)

Gain on sale and revaluation of investment properties £34.8m £68.1m £25.8m

IFRS profit before tax £42.9m £85.9m £31.1m

EPRA earnings £6.5m £14.9m £5.0m

EPRA earnings per share 5.3p 13.0p 4.4p

Interim dividend per share 2.1p 2.3p 2.4p +4.3%

Notes:1 All figures include share of joint ventures2 Ratio of secured debt to total property portfolio3 Adjusted for £91.5m of sales since the half year end

SEE-THROUGH BALANCE SHEET Mar 2015 Mar 2016 Sept 2016 Pro-Forma3

Total portfolio at fair value £1,021m £1,240m £1,250m £1,160m

EPRA net asset value per share 385p 456p 471p +3.3% 471p

Net Debt £532m £682m £664m £569m

Loan to value ratio - Secured2

- Overall34%52%

40%55%

39%53%

34%49%

HEADLINE NUMBERS


INCOME STATEMENT

• Net rents have increased by 18%

• Development profits of £4m were offset by stock provisions of £6.6m

• EPRA earnings of £5.0m equate to 4.4p per share

• Revaluation gains of £28.6m, primarily in London, were offset by losses on sale of £2.8m

£24.6m

£5.0m

£2.6m

£5.9m

£11.7m £0.6m

£25.8m £0.3m £31.1m

0

5

10

15

20

25

30

35

Net Rents Developmentlosses

Administration Net financecosts

Other EPRA earnings Net gain onsale and

revaluation

Other IFRS profitbefore tax


EPRA NET ASSETS PER SHARE

• Adjustment to opening NAV per share from full adoption of IAS 40 – Investment Property

• Development surpluses realised relate mainly to Cortonwood Retail Park and Retirement Villages

460.8p455.7p

5.1p

4.4p

21.7p

4.9p4.8p 0.7p

471.4p

375

400

425

450

475

500

31 March 2016 Leaseincentives

Adjusted31 March 2016

EPRA EPS Investmentgains

Developmentsurplusesrealised

Other Dividends 30 Sept 2016

p


March 2016£m

Sept 2016£m

Total facilities £881.7m £897.6m

Gross debt £775.1m £742.2m

Unutilised facilities £106.5m £155.4m

Percentage of unsecured debt 23% 24%

Uncharged properties £153m £93m

Gearing:

LTV ratio 55% 53%

NAV 456p 471p

DEBT SUMMARY

0

50

100

150

200

250

300

350

400

450

500

< 1 1 - 2 2 - 3 3 - 4 4 - 5 5 - 6 6 - 10

£m

Years

Loan Maturity

Unsecured Bonds Secured


March 2016 Sept 2016

Average interest rate 4.16% 4.33%

Average interest rate (fully utilised) 3.75% 3.99%

Proportion of drawn down facilities at fixed rate or hedged 82% 88%

Average maturity of borrowings 4.5 yrs 4.0 yrs

March 2016£m

Sept 2016£m

Secured bank loans 595.1 562.2

Unsecured bonds (nominal value) 180.0 180.0

Total facilities drawn 775.1 742.2

DEBT FACILITIES

0

100

200

300

400

500

600

700

800

900

1,000

Mar 17 Mar 18 Mar 19 Mar 20 Mar 21

Interest Rate Protection (fixed rates)

Other Fixed Rate Borrowings Convertible Bond Retail Bond£

m


March 2016 £m

Sept 2016£m

Cash from operations 38.5 (7.4)

Acquisitions (377.1) -

Capex (28.0) (26.0)

Joint ventures 94.1 0.7

Disposal proceeds 121.8 54.9

Dividends paid (14.4) (0.8)

Other cash flow movements (0.4) (0.3)

Increase/reduction in net borrowing 138.1 (42.0)

Shares purchased (18.9) (0.9)

Net increase in cash (46.3) (21.8)

Cash at start of period 121.0 74.7

Cash at end of period 74.7 52.9

NET CASH FLOW MOVEMENTS

0

10

20

30

40

50

60

70

80

2017 2018 2019

£m

Forecast Capital Expenditure

Investment Residential/Retirement Villages


LOAN TO VALUE

• Current LTV 53% (proforma 49%)

• Capex programme will increase LTV

• Will seek to manage LTV to range between 40% - 50%

45%

46%52%

55%53%

49%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

£0

£200

£400

£600

£800

£1,000

£1,200

£1,400

2013 2014 2015 2016 H1 2017 H1 2017 2017 2018

Value of trading and development stock Value of Investment portfolio

Loan to value including unsecured debt

Range

Proforma

£m


• Growing income stream as the reversion on the investment portfolio is captured

• £10m+ of contracted rents start to flow by June 2017

• Finance costs contained with over 88% of debt hedged for almost 4 years

• Debt maturity of 4.0 years with no secured loans repayable before November 2019

• LTV will be managed between 40% and 50%

Power Road Studios

SUMMARY OF KEY FINANCIALS


PortfolioMatthew Bonning-Snook | Duncan Walker


C SPACE, EC1

• 62,000 sq ft offices – fully let

• 75% pre let to MullenLowe. 25% let to NeuLion

• Contracted rents £3.64m pa


THE WAREHOUSE & THE STUDIO, THE BOWER, EC1

Phase 1

• The Studio – 18,363 sq ft fully let - £980,000 (one office tenant - £45psf)

• The Warehouse – 121,923 sq ft fully let - £8,050,000 (five office tenants £50.25 - £68psf)


THE TOWER, THE BOWER, EC1

Phase 2

• 171,158 sq ft offices

• Levels 1 – 6, 59,000 sq ft pre let to WeWork

• 17 floors (9,500 – 11,300 sq ft floors)

• 7,200 sq ft over two ground floor retail/restaurant units

• Under construction

• Completion due Q2 2018


ONE CREECHURCH PLACE, EC3

• 272,555 sq ft offices (17 floors)

• Completed November 2016

• City of London F/H. Funded development with HOOPP. Helical 10% ownership

• Assuming market incentives and letting within 12 months, profit share expectation:

£60 psf overall - £18m




Phase 2

• 78,627 sq ft residential (92 apartments), 11,817 sq ft retail. Demolition commences November 2016

• Gross Development Value (excluding retail) £136m at an average of £1,766 psf

• Completion of construction in early 2019

BARTS SQUARE, EC1Phase 1

• 123,579 sq ft residential (144 apartments), 3,101 sq ft retail. Under construction

• Sales:

– 144 units launched with total value of £195m

– Contracted sales: 108 units exchanged

– Average sales price to date £1,578 psf

• Residents’ concierge, bar and screening room. 26 car spaces and 176 bicycle spaces

• Building works to complete on sectional basis with the final building to be completed by Q3 2017


90 BARTHOLOMEW CLOSE, EC1

• 23,508 sq ft offices over floors and 5,673 sq ft restaurant

• Completion September 2017

• Retained facades


ONE BARTHOLOMEW CLOSE, EC1


• On site, due to complete August 2018

• Funding Partners - Ashby Capital LLP

• Baupost/Helical to receive profit share based on fixed yield, variable on rent


25 CHARTERHOUSE SQUARE, EC1

• 38,500 sq ft offices, 5,100 sq ft retail/restaurant

• Under construction, due for completion – Mar 2017

• Profit share – Helical 15% priority return, thereafter 50/50 share with Charterhouse


DRURY LANE, WC2

• Conditional purchase contract (subject to planning and viability)

• Resolution to grant planning, pending completion of S.106

• 68 apartments, 16,000 sq ft retail. GDV £157m

• Alternative office scheme (70,000 sq ft) plus retail now being pursued


HAMMERSMITH TOWN HALL, W6

• Dev Agreement with H&F BC in a 50/50 JV with Grainger

• S.73 planning amendment now consented

• 196 residential units, cinema, restaurants and council office. GDV £205m

• Phase 1 (152 units & office) out to tender with contractors


THE LOOM, E1


• Refurbishment complete September 2016

• Average rent at purchase £18 psf

• New lettings £50+ psf

• 14,000 sq ft let since refurbishment completed, 6,000 sq ft under offer, 23,000 sq ft vacant

• Highly reversionary


THE SHEPHERDS BUILDING, W14

• 150,100 sq ft offices, fully let

• Contracted rent £6.3m

• Rent review agreed at £54 psf

• Average rents now £44 psf+

• Continued strong occupational demand


ONE KING STREET, W6

• Acquired February 2012 for £14.1m

• 3 floors refurbished and 1 floor added

• Office rents at acquisition £24.50 psf, £52.50 psf at sale

• Capex of £4.6m

• Sold for £34.5m (post half year) at March 2016 book value. £17.8m profit, 37% IRR


POWER ROAD STUDIOS, W4

• Acquired December 2015 for £34.2m. 4.4% NIY

• 62,000 sq ft multi let office on 2 acre site

• Average rents at acquisition £24.50psf

• New lettings at £40 psf

• Planning application soon to be submitted for 45,000 sq ft of extra space

• 16,000 sq ft being refurbished

• Optionality to add new space Master Plan


THE REGIONS: LOGISTICS

• Strong occupational demand

• Strong cash on cash returns

• Little obsolescence

• 10 properties sold (£46.6m) at an 8.3% premium to March 2016 fair value

Portbury, Bristol


THE REGIONS: OFFICES

• Focus on Manchester. Good fundamentals

• Provide high quality, economic space to a “London” standard

• 23,000 sq ft let at Churchgate House since March with a further 12,000 sq ftunder offer

• Booth Street and Dale House refurbishments progressing

Manchester, Churchgate


THE REGIONS: RETAIL

• £49.2m of retail warehousing sold since March 2016

• Continued retail sales in next 6 months likely Cardiff, The Hayes


RETIREMENT VILLAGES• Dramatic improvement in performance post

substantial reorganisation. Overheads reduced by 86%

• Sales rate tripled, prices increased

• 56 units sold since March 2016: £23m

• Care home land sold at Liphook £2.5m

• Substantial profit to come over 4 years

Durrants Village, Faygate Millbrook Village, Exeter


RETIREMENT VILLAGES

Durrants Village, Faygate

Asset No. Units

No. Built

No. Sold

No. Reserved

Status AnticipatedCompletion

Profit to Come

Liphook 191 151 151 7 Phases 1-3 complete. Phase 4, 40 cottages underway

2018 £6.1m

Faygate 173 105 86 13 Phase 3 under construction 2019 £6.4m

Exeter 164 81 44 18 Construction ongoing 2018 £4.9m

Great Alne 164 0 0 6 Construction started. Delivery of first units January 2017. Sales launched

2020 £4.7m

TOTAL 692 337 281 44 £22.1m


OutlookGerald Kaye

@helicalplc


Q&A


Appendix


Property Partner HB Share Status Completion Potential Helical Profit to Come

The Bower, Old StreetLondon EC1

100%

Phase 1 –Completed Completed

£20m

Phase 2 –Under construction Q2 2018

25 Charterhouse SquareLondon EC1 100% Under construction Q1 2017 £6m

Barts SquareLondonEC1

Baupost 43.8%

Phase 1 –Under construction Phase 1 – Q2 2017

£10mPhase 3 –Planning consent Phase 3 – Q1 2019

One Bartholomew CloseLondon EC1

Ashby Capital

Profit Scheme Under construction Q3 2018 £5m - £10m

One Creechurch PlaceLondon EC3 HOOPP 10% + profit

share Space to let Completed £20m

King Street, HammersmithLondon W6 Grainger 50% Planning consent

Phase 1 - Q4 2019£15m

Phase 2 – Q4 2021

Drury Lane andDryden Street Covent Garden WC2

SavillsConditionalPurchase contract

Resolution to grant planning obtained Q2 2019 £15m

Inv

est

me

nt

Po

rtfo

lioS

old

/3rd

Par

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D

ev

elo

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en

tR

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nti

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LONDON DEVELOPMENT SCHEME REVIEW

47Helical Half Year ResultsHelical Half Year ResultsHelical Bar plc

% of Portfolio (HB Share)

Valuation Change

EPRA Topped Up

Net Initial Yield

Reversionary Yield

London Offices 61.5% 5.3% 3.3% 5.7%

Retail 8.4% -3.7% 6.2% 6.7%

Logistics 19.5% 0.9% 7.1% 7.1%

Regional Offices 9.5% 2.7% 6.3% 7.5%

Other 1.1% - - -

TOTAL 100% 3.0% 4.6% 6.2%

Note: Valuation movements include Barts Square (investment element)

Valuation increase of 3.0% in half year to September, including capex, sales and purchase for assets held as investments

INVESTMENT PORTFOLIO – KEY STATISTICS


Total Portfolio Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Sept 16 Changesince Mar 16

London 26.3% 27.9% 34.2% 41.6% 54.1% 59.3% 5.2%

Regions 73.7% 72.1% 65.8% 58.4% 45.9% 40.7% -5.2%

TOTAL £572.7m £626.4m £801.7m £1.02bn £1.24bn £1.25bn

HELICAL LONDON EXPOSURE – CHANGES OVER TIME

(FAIR VALUE)

0%

10%

20%

30%

40%

50%

60%

70%

80%

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

London Regions

Sept-16


Convertible Bond Issue

Retail Bond Issue

HELICAL'S PORTFOLIO – CHANGES TO FAIR VALUE

Mill

ion

s


PROPERTY PORTFOLIO – HELICAL’S SHARE

Fair Value % Value

London Offices £673.3m 53.9%

London Residential £67.8m 5.4%

Regional Offices £102.2m 8.2%

Logistics £205.5m 16.5%

Retail £96.9m 7.7%

Retirement Villages £97.8m 7.8%

Land £6.0m 0.5%

TOTAL £1.25bn 100%


INVESTMENT PORTFOLIO

Capital Value psf £

Vacancy Rate(floor area) % WAULT Years

London Offices− Completed− Being redeveloped/refurbished− Held for future development/refurbishment

868575621

9.5n/a7.4

6.7-

0.1

TOTAL LONDON 763 9.3 6.8

Regional OfficesRegional LogisticsRegional Retail

20457

239

10.93.5

-

5.54.74.9

TOTAL REGIONAL 91 4.0 5.0

TOTAL 197 4.6 5.8

Note: Vacancy rates exclude assets held vacant for refurbishment / redevelopment


INVESTMENT PORTFOLIO: LEASE EXPIRIES

Lease Expiries and Tenant Break Options

2017 2018 2019 2020 2021

Percentage of Rent Roll 8.5% 11.8% 14.4% 8.7% 6.9%

Number of Leases 72 109 73 41 21

Average Rent per Lease £61,700 £56,500 £102,800 £110,300 £171,000


ASSET MANAGEMENT OVERVIEW MARCH 2016 TO SEPTEMBER 2016

Rent

Rent lost at break/expiry -£1.0m

New lettings and uplifts at lease renewal £1.7m

Rent reviews £0.4m

Net Increase £1.1m


TOP TENANTS

Top 10 tenants account for 31.3% of the rent roll

Rank Tenant Tenant IndustryRent (Helical)

% Rent Roll

1 Endemol UK Limited Media £4.0m 7.5%

2 MullenLowe Limited Media Marketing Communications £2.6m 4.9%

3 Gopivotal (UK) Limited Technology £2.0m 3.8%

4 Farfetch UK Limited Online Retail £1.9m 3.5%

5 Sainsbury's Supermarkets Limited Food Retail £1.2m 2.3%

6 CBS Interactive Limited Media £1.0m 2.0%

7 DSG Retail Limited Retail £1.0m 2.0%

8 Allegis Group Limited Recruitment £1.0m 1.9%

9 Economic Solutions Limited Employment and Skills Training £1.0m 1.8%

10 Stripe Payments UK Limited Technology £0.8m 1.6%

TOTAL £16.5m 31.3%

55Helical Half Year Results

• There has been a steady churn of transactions following the referendum result, with 34 deals happening in October

• However, the average size of the transactions has gradually been decreasing

• October saw 188,608 sq ft going under-offer, which is 21% down on the annual average amount

• Yet, total demand remains above average at 10.2m sq ft for requirements for either City or Central London locations

CITY AND TECH BELT TAKE-UP SOURCE: SAVILLS – 31 OCT 2016

Sq ft

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

200

0

200

1

200

2

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3

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9

2010

2011

2012

2013

2014

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2016

Cit

y t

ake

-up

(sq

ft)

Q1 Q2 Q3 Q4 LT Avg

Note Q4 data accurate to end of October

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

Jan

-93

Jul-

93

Jan

-94

Jul-

94

Jan

-95

Jul-

95

Jan

-96

Jul-

96

Jan

-97

Jul-

97

Jan

-98

Jul-

98

Jan

-99

Jul-

99

Jan

-00

Jul-

00

Jan

-01

Jul-

01

Jan

-02

Jul-

02

Jan

-03

Jul-

03

Jan

-04

Jul-

04

Jan

-05

Jul-

05

Jan

-06

Jul-

06

Jan

-07

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Rolling 12 month total take-up LT Average


• The City and Tech Belt vacancy rate remains low, but has risen to 5.6% at the end of October 2016

• The supply/demand balance has risen to 15, and remains well below the 20+ level than is normally associated with rental falls

• 2017, 2018 and 2019 are expected to see above average levels of development and refurbishment completions, but 28% of the 2017-2020 pipeline is already pre-let

• Furthermore, we still expect some of the schemes anticipated for 2019 and beyond will be delayed and pushed back

0

10

20

30

40

50

60

Jan

-05

Au

g-0

5

Mar

-06

Oct

-06

May

-07

Dec

-07

Jul-

08

Feb

-09

Sep

-09

Ap

r-10

No

v-10

Jun

-11

Jan

-12

Au

g-1

2

Mar

-13

Oct

-13

May

-14

Dec

-14

Jul-

15

Feb

-16

Sep

-16

Mo

nth

s o

f su

pp

ly

City of London market balance (Supply/12m rolling take-up)

CITY AND TECH BELT SUPPLY/AVAILABILITYSOURCE: SAVILLS – 31 OCT 2016

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

2

4

6

8

10

12

14

16

Vac

ancy

Rat

e

Mill

ion

sq

ft

Grade A Grade B V Rate

Note Q4 data accurate to end of October

0

1

2

3

4

5

6

7

8

9

198

519

86

198

719

88

198

919

90

199

119

92

199

319

94

199

519

96

199

719

98

199

920

00

200

120

02

200

320

04

200

520

06

200

720

08

200

920

1020

1120

1220

1320

1420

1520

1620

1720

1820

1920

20

Mill

ion

sq

ft

Pre-Let completion Speculative completion


Headline rents on Prime and Grade A property in the City and Tech Belt have continued to rise – the average grade A rent for October was £64.16/sq ft

Nearly 50% of the lettings this year have been at rents in excess of £60/sq ft

The average rent-free period on a 10 year lease shortened from 21 months in Q1 2016 to 17 months in Q2, and rose to 19 months for Q3

October saw £90/sq ft achieved on the 35th

floor of The Salesforce Tower

CITY AND TECH BELT RENTAL TRENDSSOURCE: SAVILLS – 31 OCT 2016

£0.00

£10.00

£20.00

£30.00

£40.00

£50.00

£60.00

£70.00

Av

era

ge

Re

nt

(£/s

q f

t)

Average Grade A Rent Average Grade B Rent

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

200

4

200

5

200

6

200

7

200

8

200

9

2010

2011

2012

2013

2014

2015

2016

Nu

mb

er

of

de

als

0-£19.99 £20-£29.99 £30-£39.99 £40-£49.99

£50-£59.99 £60-£69.99 >£70

£0.00

£20.00

£40.00

£60.00

£80.00

£100.00

£120.00

Q1/

00

Q4

/00

Q3/

01

Q2/

02

Q1/

03

Q4

/03

Q3/

04

Q2/

05

Q1/

06

Q4

/06

Q3/

07

Q2/

08

Q1/

09

Q4

/09

Q3/

10Q

2/11

Q1/

12Q

4/1

2Q

3/13

Q2/

14Q

1/15

Q4

/15

Q3/

16

Re

nt

(£/s

q f

t)

City average prime City top rent

58Helical Half Year Results 58

DISCLAIMER

Whilst we have taken all reasonable care to ensure that the information and materialcontained in this presentation is accurate at the time of its distribution, no representation orwarranty, express or implied, is made as to its accuracy or completeness.

The presentation should not be construed as the giving of advice or the making of arecommendation and should not be relied on as the basis for any decision or action.

Nothing in this presentation constitutes an invitation or offer to invest or deal in the shares orother listed securities in Helical plc.

The information in this presentation is being provided on a non-reliance basis, and neither theHelical Group nor any of its staff, advisors, agents or affiliates owe or assume any duty, liabilityor responsibility for any information or opinion contained in it (including inter alia projectionsand forward-looking statements), or any omission from it. To the fullest extent permitted bylaw, we accept no liability for any loss or damage of any nature and howsoever arising,directly or indirectly, from any use of or reliance on this presentation or otherwise arising inconnection herewith.


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0207 629 0113

www.helical.co.uk

@helicalplc

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