KUALA LUMPUR (Oct 14): Battersea Power Station Development Company Ltd has secured a £280 million (RM1.52 billion) refinancing loan from various banks for its Battersea Power Station development project.

The group of banks, comprising CIMB Bank Bhd, OCBC Bank, Malayan Banking Bhd (KL:MAYBANK) and Standard Chartered Bank, has supported the project since the beginning. The loan is for the development of the remaining 16 acres of the 42-acre riverside neighbourhood.

Battersea Power Station Development Company manages, designs and operates the power station of the historic Battersea Power Station site in London, as well as the lands around it.

S P Setia Bhd (KL:SPSETIA), Sime Darby Property Bhd (KL:SIMEPROP) and the Employees Provident Fund are also shareholders in Battersea Power Station.

This new loan comes after the company revised its plan for the remaining acres, proposing up to 3.2 million sq ft of residential, commercial and leisure space, almost doubling the scale of development completed so far.

Altogether, the Malaysian banks and partners have invested more than £5 billion so far, according to a statement on Wednesday.

“Following the submission of our revised masterplan for the future phases, the start of construction on Prospect Place South and securing planning approval for 200 high-quality council homes, this refinancing loan marks another important step for the regeneration of Battersea Power Station,” said Battersea Power Station chief financial officer Chee Seng Siew.