Helical (HLCL) Trading Update summary

Development pipeline progress

• Construction is advancing on three major office developments, all set for completion in 2026, including 100 New Bridge Street, Brettenham House, and 10 King William Street.

• Enabling works have started at Paddington ahead of site acquisition, and design development continues at Southwark for a PBSA scheme, with forward funding and affordable housing agreements progressing.

• 465,000 sq ft of new office space will be delivered in 2026, with strong rental growth driven by high demand and limited supply in key London sub-markets.

• Investor sentiment towards the office sector is improving, with increased global capital interest expected to boost transaction volumes.

• Additional projects are being considered for the pipeline, leveraging joint ventures and equity-light opportunities.

Key project milestones

• 100 New Bridge Street's external structure is complete, with a £333m forward sale to State Street Corporation set for April 2026.

• Brettenham House refurbishment is on track for summer 2026, delivering 128,000 sq ft of prime office space.

• 10 King William Street construction is progressing, with topping out in December 2025 and completion in December 2026; strong pre-let interest is noted.

• Southwark PBSA scheme negotiations are advancing, with contracts expected later in the year and occupation targeted for Q3 2029.

• Paddington site preparatory works have begun, with main construction targeting Q3 2028 completion.

Sustainability achievements

• Maintained Gold status from EPRA Sustainability Best Practice Recommendations.

• Achieved GRESB scores of 88/100 for standing investments and 94/100 for development portfolio.

• Received BREEAM Outstanding certification for 10 King William Street (92.9%) and Brettenham House at design stage.

• 10 King William Street also secured WELL pre-certification and NABERS Design for Performance rating.

• Sustainability is embedded as a priority across all developments, supporting ambitious environmental goals.