Helical and Places for London secure €252m for Paddington OSD

Helical and Places for London have secured a £220 mln (€252 mln) loan from PIMCO Prime Real Estate to finance the acquisition and development of the Paddington Over Station Development (OSD). 

Paddington OSD

This development is a 21,832 m2 office building situated directly above Paddington Station's northern entrance, offering excellent transport links and contributing to the regeneration of the Paddington area.
The loan facility, spanning 4.5 years with a one-year extension option, will cover 54.5% of the project's equity and future development costs. The site acquisition for £55 mln (€63 mln) is scheduled for 25 February 2026.
Designed by Grimshaw, the 15-story building will feature high-quality office space with full-height glazing, panoramic views, and private terraces. Sustainability and tenant experience are central to the design, with the project targeting BREEAM Outstanding, WELL Shell & Core Platinum, EPC A, and a NABERS 5.5 rating.
Enabling works began in June 2025, and main construction is expected to start in Q2 2026, with completion aimed for Q3 2028. The developers anticipate strong demand for this modern, sustainable workspace in a prime London location.
Places for London is a Transport for London property company.
James Moss, CFO, Helical, 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, CFO, 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.”