Helical PLC - London-focused property developer - Says that on Friday last week it exercised its right to forfeit the leases held by troubled US shared workspace company WeWork Inc for six floors at The Bower, Old Street in London, due to non-payment of rent for the September quarter. Since then, Helical has allowed WeWork to reoccupy the building, having entered a short-term lease with WeWork and receiving a fee equivalent to all of the September quarter rent and service charge. Helical says it is ‘working on next steps for the space’ and will provide an update with its interim results on November 22.

The Wall Street Journal reported on Tuesday that WeWork is planning to file for bankruptcy as early as next week. WeWork shares were down 43% to $1.29 in the New York pre-market on Wednesday.

Current Helical stock price: 192.30 pence

12-month change: down 45%

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