The third development phase of the Battersea Power Station (BPS) project in London has secured a £600m (€674m) debt facility from its existing lenders.

The project’s developer said it received the financing from a consortium including Standard Chartered Bank, CIMB, Maybank and OCBC, DBS and RHB.

The capital received will be used to fund the continued development of Phase 3 of the 42-acre regeneration site which comprises London’s newest high street, Electric Boulevard and mixed-use buildings.

Benn Zemek, CFO of Battersea Power Station Development Company, said: “This financing is a further significant step in the continued development of Battersea Power Station, allowing us to optimise the project’s capital structure.

“In addition, the continued strong support from our international lender consortium provides further endorsement not just of the Battersea Power Station project itself, but also of London’s ongoing position as a first-class destination for international capital.”