Helical Bar Regulatory News (HLCL)

17 July 2025

HELICAL PLC

("Helical" or the "Company")

Trading Update for the Period Since 1 April 2025

Ahead of its Annual General Meeting ("AGM") which will take place at 9.00am today, Helical provides an update covering its trading activity for the period 1 April 2025 to 16 July 2025 ("the Period").

Commenting on the Company's activities, Matthew Bonning-Snook, Chief Executive, said:

"We continue to deliver on our strategy of developing best-in-class buildings in highly desirable central London locations, with further progress made across our three office schemes totalling over 460,000 sq ft, all of which are due for completion in 2026. Underpinned by our forward sale of 100 New Bridge Street to State Street Corporation for its own occupation at the beginning of the Period, we are confident that strong demand for the best buildings will continue to drive rental growth.

"Our joint venture with Places for London ("PfL") is progressing well, with terms now agreed with them to forward fund the 429 unit PBSA scheme at Southwark, and enabling works having commenced on our Paddington office scheme ahead of the site drawdown in January 2026.

"We are focused on adding further office and mixed-use schemes to the pipeline, both in the PfL joint venture and with third parties, as we look to ensure our equity works harder through employing flexible structures, from traditional joint ventures through to equity-light forward fundings.

"Our balance sheet is strong, our team is highly motivated, and this, alongside the supply constrained market backdrop, is driving our growth ambitions."

Operational Highlights

· 100 New Bridge Street, EC4 - On 11 April 2025 we exchanged contracts for the forward sale of 100 New Bridge Street to State Street Corporation for £333m (Helical share: £166.5m) for its own occupation. The highly sustainable 194,500 sq ft comprehensive refurbishment project will reach practical completion in April 2026, at which point the forward sale will complete.

· Brettenham House, WC2 - Work is progressing well on the comprehensive refurbishment of Brettenham House, with the structure now topped out. On completion in Q2 2026, the building will deliver c.125,000 sq ft of prime office and ancillary retail space with exceptional river views. During the Period, it received its WELL precertification, demonstrating the building's commitment to prioritising health and wellbeing for an enhanced occupier experience.

Places for London joint venture with Transport for London

· 10 King William Street, EC4 - Work is continuing on the development of this eight storey, 141,000 sq ft best-in-class office scheme, which is located above the Bank station entrance on Cannon Street and is targeting practical completion in December 2026. In the Period, all conditions to utilise the £125m development financing facility agreed with HSBC were met, enabling all future construction costs to be drawn down under the facility. The scheme was also awarded a NABERS Design for Performance Reviewed Target Rating of 5 Stars.

· Southwark, SE1 - Heads of terms have now been signed for the forward funding of the 429 studio PBSA development scheme located above Southwark tube station. It is intended that contracts will be exchanged later in the summer and the joint venture will now not drawdown the site, with the contractual acquisition already having been deferred from 1 July 2025 to 28 November 2025 to facilitate this. Work is expected to commence on site in Q1 2026 upon receipt of Gateway 2 approval and the accommodation will be available for occupation in 2028.

· Paddington, W2 - The main contractor tender process has concluded with Mace chosen as the preferred party to deliver the innovative 19 storey, 235,000 sq ft office building, which sits above the canal side entrance to Paddington Station and is due for completion in Q3 2028. Enabling and interface works have now commenced on the site ahead of the formal acquisition of the property by the joint venture in January 2026. 

Board Changes

As previously announced, James Moss, Chief Financial Officer Designate, will succeed Tim Murphy as Chief Financial Officer of the Company following the 2025 AGM later today. Tim Murphy is stepping down from the Board and will not be seeking re-appointment at the AGM.

Sue Clayton, Senior Independent Director, is also stepping down from the Board at today's AGM and will be succeeded in the role of Senior Independent Director by Sue Farr, independent Non-Executive Director and designated Non-Executive Director for ESG and Sustainability.

Dividend

The final dividend for the year ended 31 March 2025 of 3.50p, if approved by Shareholders at the AGM later today, will be paid on 4 August 2025. This will take the total dividend for the year to 5.00p (2024: 4.83p).

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