£220m loan for Paddington office development

12 February 2026

HELICAL PLC

("Helical" or the "Company")

HELICAL AND PLACES FOR LONDON SECURE £220 MILLION LOAN FOR PADDINGTON OVERSTATION OFFICE DEVELOPMENT

Helical plc and Places for London, Transport for London's property company (together the "joint venture"), have entered into a £220 million development financing facility with PIMCO Prime Real Estate, acting on behalf of institutional investors, to fund the acquisition and delivery of the Paddington Over Station Development ("OSD"). The loan has been secured ahead of the acquisition of the site on 25 February 2026 for £55.0m (Helical's share: £28.1m), from Places for London. Paddington OSD is the second of three initial sites to be acquired by the joint venture following Helical's successful bid to be Places for London's commercial development partner.

The 4.5 year pari passu development facility contains margin step-downs linked to the achievement of development and letting milestones, as well as a one-year extension option. It will reimburse 54.5% of the equity already invested in the project, including for the site acquisition, and fund 54.5% of the remaining development and finance costs.

Paddington OSD is a landmark 235,000 sq ft new‑build office development positioned directly above the northern entrance to Paddington station, adjacent to and overlooking the Grand Union Canal. 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.

Designed by Grimshaw, the building will total 15 floors of best‑in‑class office accommodation, each benefitting from full‑height glazing, panoramic views across London and private south‑facing terraces. Floorplates of 15,675 sq ft with minimal columns offer efficient, flexible space for a broad range of occupiers.

The joint venture has placed sustainability and occupier experience at the core of its designs at Paddington. The scheme has achieved BREEAM Outstanding at the design stage with a score of 97.4%. It is also targeting WELL Shell & Core Platinum, EPC A, and a NABERS 5.5* rating.

Having commenced enabling works in June 2025, the joint venture is now in advanced negotiations with the prospective main contractor and anticipates placing the contract in March 2026. Main works will commence in Q2 2026 with practical completion targeted in Q3 2028. Helical will be subject to minimum net asset requirements, both under the facility agreement and as part of the works agreement with Transport for London, as governed by the joint venture terms with Places for London. Paddington OSD will be delivered into a highly constrained office market and is ideally positioned to meet the growing demand from occupiers for modern, sustainable, design‑led workspace, in what is one of London's most accessible locations.

James Moss, Chief Financial Officer, Helical plc, 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, Places for London added:

"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.

"Together with Helical, we are looking forward to seeing this new, high-quality office space take shape in Paddington, one of the best-connected parts of London."

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