Battersea Power Station Secures £280 Mln Refinancing Loan
KUALA LUMPUR, Oct 14 (Bernama) -- Battersea Power Station Development Company has secured a £280 million (£1=RM5.41) refinancing facility to support the continued development of the remaining 6.47 hectares (16-acre) of the 17-ha (42-acre) riverside neighbourhood, providing a strong financial foundation for the project’s next phase of delivery.
The facility, secured from CIMB, OCBC, Maybank and Standard Chartered, underscores lender confidence in Battersea Power Station’s proven delivery track record, established commercial maturity and readiness to advance its future development phases, according to the company.
“Against a quieter property market, the continued support from our lenders reflects confidence in the transformation achieved so far, from the restoration of the once derelict Grade II listed Power Station to the creation of a thriving riverside neighbourhood, and the opportunity that lies ahead,” its chief financial officer Siew Chee Seng said in a statement today.
Siew said securing this refinancing loan marks another important step for the project located south of the Thames.
The statement said it had recently submitted a revised masterplan for the remaining undeveloped land.
It also said that renowned master planner, urban designer and landscape architect, Studio Egret West, has proposed up to 3.2 million sq ft of residential, commercial and leisure space, nearly double the scale of development delivered to date.
The statement also said progress is underway for Prospect Place South, which will have about 300 housing units, 65,000 sq ft of commercial space and a 15,000 sq ft community hub.
Planning permission has also been granted for 200 council housing units on Phase 5 of the development. The council units will be available at social rent levels. Construction is expected to begin in early 2027, the statement said.
Battersea Power Station has been transformed into a vibrant mixed-use neighbourhood and an internationally recognised destination for living, working and leisure, with more than £5 billion invested to date.
-- BERNAMA