Helical and Places for London joint venture secures £220m loan for Paddington OSD project in London with PIMCO Prime Real Estate. Site purchase scheduled for 25 February 2026. Scheme includes new 235,000ft² office building with direct access to transportation services.

Financing facility includes terms to lower borrowing costs upon achieving development milestones. Grimshaw-designed office building with BREEAM Outstanding rating and targeting WELL Shell & Core Platinum. Enabling works to start in June 2025, main construction in second quarter of 2026, completion expected in third quarter of 2028.

Helical maintains minimum net asset requirements under facility agreement and joint venture terms with Places for London. CFO James Moss highlights progress on Paddington OSD project and strong lender confidence in joint venture strategy. Previous financing arrangement of £125m secured with HSBC in February 2025 for another office development.

Read more at Yahoo Finance: Helical and Places for London JV secures $300m for Paddington OSD project