Home Commercial Property Battersea Power Station to get multi-million pound financing next month

Battersea Power Station to get multi-million pound financing next month

by LLP Editor
9th Sep 14 9:01 am

Battersea Power Station is set to receive multi-million pound financing by the end of October, Battersea Power Station Development Co. CEO Rob Tincknell has said.

The news comes after the company secured £790m in funding from banks including Malaysian banks CIMB and OCBC, and Standard Chartered in November last year. Owners of the station, SP Setia and Sime Derby, have said the regeneration of the building will cost £10bn.

In an interview with Reuters, Tincknell didn’t reveal the amount of funding the company is going to receive next month. “We’re finalising arrangements for phase two and three of construction funding,” he siad.

“It’s not easy, but our shareholders have incredibly strong balance sheets and they’re incredibly well supported by leading Malaysian financial institutions.

“We’ve had a lot support from Malaysian banks and they’re all keen to get involved.”

The first phase of selling apartments began in January 2013. Out of the 865 apartments, 50% were sold abroad. The second phase saw 1,050 apartments sold.

Once the project is completed in 2025, a total of 4,000 apartments are expected to be purchased.

Tincknell is set to go on a world tour including cities like New York, Dubai, Shanghai and Tokyo to promote the project.

Leave a Commment

CLOSE AD