Helical PLC Rent Collection Update (1795S)
07 July 2020 - 4:00PM
UK Regulatory
TIDMHLCL
RNS Number : 1795S
Helical PLC
07 July 2020
7 July 2020
HELICAL PLC
("Helical" or the "Group")
Rent Collection Update
Helical today provides an update on the March and June quarters
rent collection.
Commenting, Chief Executive, Gerald Kaye, stated:
"Our rent collection statistics are a testament to our strong
relationship with the tenants of our buildings and the quality of
our Grade A portfolio. As "lockdown" continues to ease it is
pleasing to see tenants returning to their offices in greater
numbers and we will continue to help them transition back into our
buildings, all of which have remained open throughout the Covid-19
pandemic."
March Quarter Day
In the lead up to the March quarter rent day, we engaged
positively with tenants seeking solutions to their specific
short-term cash flow concerns. For those in financial difficulty,
we agreed to a monthly rent concession with the March quarter rent
being paid monthly rather than quarterly. For the Food &
Beverage (F&B) occupiers, we agreed to defer payment of rent to
the next quarter day and, in some cases, have provided rent
holidays.
As at 3 July 2020, we have now collected 94.2% of the March
quarter rents, with a further 2.3% remaining to be paid in agreed
instalments and 2.3% granted rent free periods. We continue to seek
engagement on the remaining 1.2% of rent. In addition, we have
collected 98.4% of the quarterly service charge from tenants.
June Quarter Day
Since the March quarter day, we have continued to engage with
our tenants and, as part of the June rent collection process, wrote
to all tenants offering to discuss with them any rent payment
issues relating to Covid-19.
As at 3 July 2020, we have collected 76.2% of the June quarter
rents, with a further 14.6% agreed to be paid in instalments in the
period leading up to the September quarter day. We have granted
rent free periods on 4.7% of the June rent, mainly in respect of
F&B tenants. We therefore anticipate that by the end of the
June quarter we will have collected between 90.8% and 95.3% of all
contracted rent.
In addition, we have collected 76.8% of the quarterly service
charge from tenants with the balance expected to be collected in
the period to the September quarter day.
For further information, please contact
Helical plc 020 7629 0113
Gerald Kaye (Chief Executive)
Tim Murphy (Finance Director)
Address: 5 Hanover Square, London W1S
1HQ
Website: www.helical.co.uk
Twitter: @helicalplc
FTI Consulting 020 3727 1000
Dido Laurimore/ Andrew Davis
schelical@fticonsulting.com
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END
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