Battersea Power Station Secures £600 Million Financing
Battersea Power Station announces that it has successfully completed the financing of Phase 3 of the development, having secured a £600 million debt facility with the core group of relationship lenders who have supported the project since inception.
The relationship consortium includes Standard Chartered Bank as coordinating mandated lead arranger and bookrunner, CIMB, Maybank and OCBC as mandated lead arrangers and bookrunners, DBS as mandated lead arranger, and RHB as lead arranger.
The facility will be utilised to fund the continued development of Phase 3 of the 42 acre regeneration site which comprises what will be London’s newest high street, Electric Boulevard and mixed use buildings designed by Gehry Partners and Foster + Partners.
This financing demonstrates the ongoing financial support for the project and comes as huge progress continues to be made on transforming this area into one of London’s leading and most vibrant destinations.
Benn Zemek, CFO of Battersea Power Station Development Company, commented: “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.
“We especially would like to thank our shareholders S P Setia, Sime Darby Property and the Employees Provident Fund, for their instrumental role in supporting this transaction and ensuring a robust funding position for the project.”