Helical share buyback and B Share Scheme: capital structure notes for project teams
Reviewed by Tom Sullivan
First reported on The Construction Index
30 Second Briefing
Helical plans to return about £29m to shareholders, combining a £5m on‑market buyback (1,109,980 shares already repurchased at an average 189.71p) with a proposed £12m B Share Scheme paying 9.72p per existing ordinary share and a 100‑for‑105 share consolidation, plus a 2.50p total dividend for FY to 31 March 2026. The capital return is funded largely from the £31m profit on the sale of 100 New Bridge Street. Operationally, The Bower in London is now 96.6% let, with 32,000 sq ft newly let and re‑gears on a further 50,000 sq ft, while 10 King William Street, Brettenham House and Delta Paddington progress through the development pipeline.
Technical Brief
- Trading update covers the period 1 April to 15 July 2026, capturing Q1 leasing momentum.
- New 9,600 sq ft letting at The Bower’s 12th floor secured with Audio Network Limited.
- Total new space let at The Bower in the period is c.32,000 sq ft.
- Lease re-gears have been completed on a further c.50,000 sq ft at The Bower.
- Delta Paddington development is now “out of the ground”, implying substructure and basement works substantially complete.
- Final dividend of 1.00p, taking the 2025/26 full-year dividend to 2.50p, awaits AGM approval.
Our Take
Helical’s London focus, with assets such as The Bower and 100 New Bridge Street, aligns with other recent coverage of central London over-station and transport-linked schemes, including the Paddington over-station development where Helical appears alongside Mace and Transport for London, signalling a continued tilt towards rail-adjacent office and mixed-use stock.
The decision to channel proceeds from 100 New Bridge Street into a £17m capital return suggests Helical is prioritising balance-sheet recycling over near-term expansion, which may temper its bidding intensity on new London office projects compared with peers still in net acquisition mode in our infrastructure database.
With 916 Infrastructure stories and 2367 tag-matched pieces in our coverage, Helical features in a relatively small subset focused on London office repositioning and transport-node schemes, so this buyback could be read by lenders and JV partners as a signal that the current London portfolio is considered mature and optimised rather than in heavy growth phase.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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