12th Feb 2026 14:27
(Alliance News) - Helical PLC on Thursday said it alongside Transport for London's property company Places for London secured a loan for Paddington Over Station Development [OSD].
Helical, a London-focused property developer, and Places for London entered into a GBP220 million development financing facility with PIMCO Prime Real Estate to fund the acquisition and delivery of the over station development.
Helical said the loan was secured ahead of the acquisition of the site on February 25 for GBP55.0 million, with Helical's share being GBP28.1 million.
The company added Paddington OSD is a 235,000 square foot new-build office development positioned directly above the northern entrance to Paddington station and adjacent to and overlooking the Grand Union Canal.
The building is designed by Grimshaw and will total 15 floors of office accommodation.
Enabling works began in June 2025, with the joint venture now in advanced negotiations with the prospective main contractor. Helical expects placing the contract in March.
Main works will start in the second quarter of 2026 with practical completion targeted in the third quarter of 2028.
"Once complete, it will offer exceptional transport connectivity with immediate access to the Elizabeth Line, London Underground and National Rail services, while also contributing to the continued transformation of the wider Paddington regeneration area," Helical said.
Helical Chief Financial Officer James Moss said: "The progress made on the Paddington OSD bolsters our pipeline of prime London developments and maintains the momentum we have built up through our partnership with Places for London. Successfully closing the financing, which is accretive to returns, follows the financing of 10 King William Street last year. It further demonstrates the strong lender confidence in the joint venture and its strategy and supports our long‑term conviction in the ongoing demand for high‑quality office space in central London."
Digby Nicklin, chief financial officer of Places for London, said: "We are delighted to be working with PIMCO Prime Real Estate, acting on behalf of institutional investors, on this well-structured debt facility agreement which will help bring this development to life. Great developments like this are key to our wider Places for Growth pledge - growing long-term income for Transport for London that can be invested into the public transport network, bringing improvement and growth to the capital."
Helical shares were 0.4% higher at 197.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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