Helical’s engine keeps cutting out, which for most of the past decade has left the office landlord trading at a discount to the value of its assets. First came the long-lingering aftermath of the Brexit referendum, which cast doubt over London’s allure for multinational companies; then came general election-induced uncertainty, in turn succeeded by the sucker punch of the pandemic on demand for new office space.
The result? Even after recovering almost a third since November 2020, the shares still trade at a 15 per cent discount against the net asset value at the end of September and at a 25 per cent discount to the NAV analysts expect the commercial property group to unveil for its March financial year-end.
Take-up of new space