The loan has been granted by PIMCO Prime Real Estate to fund the acquisition and delivery of the scheme.

This has been secured ahead of the acquisition of the site on 25th February 2026 for £55m from Places for London, Transport for London’s property company.

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.

The Paddington Over Station Development is a 235,000 sq ft new?build office scheme positioned directly above the northern entrance to Paddington station.

Designed by Grimshaw, the building will total 15 floors of best?in?class office accommodation, with floorplates of 15,675 sq ft.

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.

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Having commenced enabling works in June 2025, the JV is now in advanced negotiations with the prospective main contractor and anticipates placing the contract in March 2026.

Main works will commence in the second quarter 2026 with practical completion targeted in the third quarter of 2028.

“Successfully closing the financing, which is accretive to returns, follows the financing of 10 King William Street last year,” said James Moss, CFO at Helical.

“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, CFO at 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.”