Property investment and development group Helical Bar PLC (LSE: HLCL) said it is now starting to see much improved signs in parts of the UK market, with the valuation of certain types of assets clearly levelling out.
In an interim management statement covering the first quarter to June 30 2009, it said since reporting full-year results in June, Helical has seen an improvement in value in respect of properties let on long leases to tenants of undoubted covenant strength.
In particular, it is seeing positive yield movement in prime West End and City office investments, A1 out-of-town retail parks, industrial estates in the South East and in the auction market.
However, average property values continue to fall as a consequence of declining rental values and investors need to exercise great caution. Helical and its partners are currently assessing a number of potential acquisitions and remain confident thast it can take good advantage of continuing market uncertainties, it said.
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