Battersea Power Station Developers secure £790m financing deal

The Battersea Power Station Development Company has secured financing for phrase one and two of its redevelopment project from a syndicate loan worth £790m.

The funding comes from a group of Asia based banks which will allow the next phrase of the rebuild and restructure of the building into 240 apartments, 200 shops and offices, alongside an observation platform and a 90,000sq ft garden.

The banks, who already have relationshps with the shareholders of Battersea Power Station, include Malaysian bank CIMB, Singaporean bank OCBC, Standard Chartered and Maybank.

Battersea Power Station Development Company's chief executive Rob Tinknell has previously said that the offices will be used by design and media companies as well as the creative industries.

Carillion started on phase one Circus West in July which will provide a mix of 866 flats and town houses.

Eventually the new Battersea Power Station will comprise a mix of shops, restaurants, cafes and bars, plus a state of the art events space, offices, a hotel and new homes.

The Northern line of the London Underground will also be especially extended to serve the site.