Helical (HLCL) Trading Update summary

Portfolio activity and sales

• Forward sale of 100 New Bridge Street, EC4, for £333m, with Helical's share at £166.5m; completion expected April 2026, enabling significant capital return to shareholders.

• Sale of 50% interest in The JJ Mack Building, EC1, for £139.2m, releasing £71.4m in net proceeds to fully fund development pipeline equity needs.

• Sale of The Power House, W4, for £7.0m, reflecting a net initial yield of 7.3%.

Development pipeline progress

• 100 New Bridge Street: 195,000 sq ft office targeting top ESG standards, due for completion April 2026.

• Brettenham House, WC2: 128,000 sq ft refurbishment, practical completion due April 2026, generating management fees and future profit share.

• 10 King William Street, EC4: £125m financing secured, construction underway, completion targeted for December 2026.

• Southwark PBSA, SE1: Planning secured for 429 student units and 44 affordable homes, works to start 2026.

• Paddington OSD, W2: Planning consent obtained, site acquisition due January 2026.

Investment portfolio performance

• The Bower, EC1: 19,545 sq ft of new lettings; vacancy at The Tower now 27.7% after tenant changes.

• The Warehouse and Studio: Only one floor vacant in The Warehouse (8.2%), Studio fully let.

• The Loom: Vacancy reduced to ~28% from 35% at March 2024.