Tuesday 05 Dec 2023
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LONDON: Battersea Power Station Development Company Ltd has closed a syndicated debt facility of £1.35 billion to fund the development of Phase 2 and Phase 3 of the iconic Battersea Power Station (BPS) here.

The financing is one of the largest real estate financing transactions in recent years. It comprises a £750 million facility to fund the development of the power station building and a £600 million facility to fund the development of BPS’ high street Electric Boulevard, comprising buildings designed by Gehry Partners and Foster + Partners.

CIMB Bank Bhd, Malayan Banking Bhd and Standard Chartered Bank are acting as mandated lead arrangers, book runners and joint co-ordinators. DBS, National Bank of Abu Dhabi, OCBC Bank and RHB Bank Bhd are participating as primary syndicate members.

“The agreements shows the confidence of the banks in BPS and the shareholders, and we thank them for their support,” said Battersea Project Holding Company Ltd (BPHCL) chairman Tan Sri Liew Kee Sin at the signing ceremony held yesterday. The event was witnessed by Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan.

The £8 billion BPS is owned by the consortium of S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.

BPHCL is gearing up for a global tour to 13 cities in 11 countries that will be launched from London on Friday at 8am GMT. Phase 3A, comprising 539 of the total 1,305 Gehry Partners and Foster + Partners designed homes, will be opened for sale at the same time. The homes will be part of BPS’ pedestrianised high street.

“The global launch is for us to engage with the world. It’s not just for people to buy apartments, but also for leasing space. We want to make BPS a global brand,” said Liew.

The global tour aims to seek out the most exciting UK and global brands, businesses and restaurants to come to BPS.

The launch will open 3.5 million sq ft of commercial leasing space to international brands and companies. The area will have over 250 retail and food and beverage outlets, three hotels, cinemas, event and conference space, and 1.62 million sq ft of offices, among others. The commercial space will be kept for recurring income.

This article first appeared in The Edge Financial Daily, on October 29, 2014.

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