The owners of London’s redeveloped Battersea Power Station have secured a massive €1.28 bn loan to refinance the original construction debt agreed in 2019.
The operation, which was first reported by Real Estate Capital, sees the owners of the commercial element of the eight million ft2 regeneration project – a Malaysian consortium advised by CBRE IM - seal one of Europe's largest property refinancings in the past few years.
The refinancing was provided by the same group of international banks as the original loan, Standard Chartered, CIMB, Maybank, OCBC and DBS.
Tom Berens, from CBRE IM’s Treasury, Debt & Financing Team commented 'It will be the largest facility CBRE IM manages’ as part of the firm’s €10 bn European real estate loan book, which includes around 100 external debt facilities.'
The Malaysian consortium bought Battersea Power Station in central London in 2012 for £400 mln (€505 mln). The consortium comprised listed Malaysian property developer SP Setia, conglomerate Sime Darby and the Employees' Pension Fund of Malaysia.
The asset had been put up for sale by creditors Lloyds Bank and Ireland's asset agency NAMA a year earlier.
