Helical (HLCL) Trading update summary

Business and operational progress

• Achieved strong momentum with significant lettings at The Bower, including a 20,000 sq ft lease to an AI platform and three more floors under offer, plus regears on five floors.

• Four office schemes totaling over 700,000 sq ft are under construction, with 100 New Bridge Street nearing completion and forward sale to State Street Corporation.

• Brettenham House and 10 King William Street are progressing well, with completions due later in 2026 and strong occupier interest.

• The Southwark PBSA scheme secured forward funding and affordable housing sale, significantly de-risking the project and targeting a >3.0x return.

• Planning consent secured for a new 55,000 sq ft office development in Farringdon, expanding the development pipeline.

Development and sustainability achievements

• Paddington site acquired for £55m, with construction contract signed and work underway; practical completion targeted for Q3 2028.

• Paddington scheme achieved BREEAM Outstanding at design stage with a 97.4% score, targeting WELL Platinum, EPC A, and NABERS 5.5*.

• Brettenham House awarded a 5* NABERS Design for Performance rating, confirming operational efficiency.

• 100 New Bridge Street delivered in 24 months, on budget, and ready for handover to State Street.

Letting and occupancy updates

• Significant letting progress at The Bower, with new leases and regears agreed, pushing occupancy to 96.6% upon completion.

• Rents agreed are in line with current ERVs, with anticipated lease exchanges in May.