Helical (HLCL) Trading Update summary

Operational performance

• Strong leasing market for new and refurbished office developments, with continued rental growth and a supply-constrained environment supporting future surpluses.

• 50% stake in 100 New Bridge Street, EC4 sold for £55m; joint venture with Orion Capital Managers and £155m development financing secured, with construction underway and completion expected Q1 2026.

• Enabling works started at Brettenham House, WC2, with main refurbishment to begin Q3 2024 and occupation from Q1 2026; equity-light participation to be finalized soon.

• Progress on Places for London JV projects: facilitating works at 10 King William Street, pre-application for Southwark student accommodation, and design enhancements at Paddington Over Station Development.

Lettings and sales

• The Loom, E1 reduced vacancy by 7.8% to 27.1% after letting 12,103 sq ft to new tenants and restructuring leases with existing tenants.

• JJ Mack Building, EC1 let 23,566 sq ft to Amex Global Business Travel for £2.2m p.a.; further space under offer, nearing full occupancy.

• Refurbishment of The Bower, EC1 progressing on schedule, with strong interest in upcoming available floors.

• Sale of 25 Charterhouse Square, EC1 completed for £43.5m.

Financing

• £188m drawn under £300m sustainably linked RCF at 1.9% interest; advanced discussions underway to renew and extend facility.

• £66.7m drawn in JV facility for JJ Mack Building at 2.3% interest; £155m undrawn facility for 100 New Bridge Street with margin reducing post-completion.

• Group held £66m cash and £203m undrawn loan facilities at 30 June 2024, with 2.2% average cost of debt and 1.8 years average maturity.