Developers behind the Battersea Power Station project have secured a new £280m refinancing loan. This financial backing comes as the £5bn regeneration project in west London enters its final phase.
The Battersea Power Station Development Company obtained the loan from a group of lenders that have supported the project since its inception in 2012. These lenders include London-listed Standard Chartered, Malaysian bank CIMB, Singaporean financial services firm OCBC, and Maybank, Malaysia’s largest bank.
Last month, developers submitted plans for the site’s remaining 16 acres. Chee Sing Siew, the finance chief for the development company, stated that the refinancing provides a "firm financial foundation for developing the remaining 16 acres of land and creates sustained value for our shareholders and the wider neighbourhood."
Construction on Prospect Place South, which will include approximately 300 new homes and 65,000 sq ft of retail, hospitality, and leisure space, is scheduled to begin in September. The redeveloped Battersea Power Station currently features over 2,200 homes, around 800,000 sq ft of office space, and more than 170 shops, bars, and restaurants.