Helical (HLCL) Trading Update summary

Operational performance

• Construction underway on three new office schemes, with progress at future development sites and a focus on delivering into a supply-constrained 2026 market.

• 100 New Bridge Street, EC4, began construction with a JV agreement, £155m development facility, and main contract signed; completion targeted for April 2026.

• Brettenham House, WC2, repositioning underway, with technical design to conclude by October and completion by April 2026.

• 10 King William Street, EC4, site acquired and basement works started; aiming for practical completion by December 2026, with £125m development facility terms agreed.

• Southwark OSD, SE1, planning application submitted for student accommodation and affordable housing, targeting consent by July 2025; Paddington OSD, W2, scheme enhancements ongoing, site acquisition due January 2026.

Investment portfolio and sales

• JJ Mack Building, EC1, achieved 90% occupancy after letting 44,103 sq ft of offices and 1,521 sq ft of retail; remaining space is the fifth floor.

• The Bower, EC1, increased occupancy through new memberships and refurbishments, with a lease agreement signed for the fourth floor at above March 2024 ERV.

• The Loom, E1, vacancy reduced from 34.9% to 27.4% through new tenants and upsizing.

• Completed sale of 25 Charterhouse Square, EC1, for £43.5m; sold 50% of 100 New Bridge Street, EC4, for £55m; exchanged contracts for The Power House, W4, for £7.0m.

Financing

• Renewed £210m revolving credit facility for three years with two one-year extensions; £175m of new four-year interest rate swaps at 1.58% average rate.

• Amount drawn on RCF is £188m at a 4.0% all-in interest rate, with average maturity of 3 years, extendable to 5 years.

• 100 New Bridge Street, EC4, £5.8m drawn from £77.5m facility (Helical's share), at 8.5% interest, repayable in 3.6 years with a one-year extension option.