A consortium of Asian banks have arranged a £790 mln (€948 mln) syndicated loan for the massive mixed-use development project at London's Battersea Power Station.
A consortium of Asian banks have arranged a £790 mln (€948 mln) syndicated loan for the massive mixed-use development project at London's Battersea Power Station.
The lenders are Malaysian banks CIMB and Maybank; Singapore-listed Oversea-Chinese Banking Corporation (OCBC) Bank and London-based Standard Chartered. The facility is in two parts: £532 mln for the first phase of the development project at the 16-hectare site and £258 mln to refinance the acquisition loan.
A Malaysian consortium completed the acquisition of Battersea Power Station for about €500 mln in September 2012. They plan to develop 3,500 homes, 160,000 m2 of office space, retail units and a park. The redevelopment will also provide London with two new Underground stations, both extensions from the Northern line.
The development consortium comprises listed Malaysian property developer SP Setia, conglomerate Sime Darby and the Employees' Pension Fund of Malaysia.
