Battersea Power Station has completed a £600m debt facility from the project’s consortium of lenders.
Standard Chartered Bank is the coordinating mandated lead arranger and bookrunner, CIMB Bank, Maybank and OCBC Bank are mandated lead arrangers and bookrunners, DBS is mandated lead arranger and RHB is lead arranger.
The finance will be used to bring forward the third phase spanning 42 acres at Electric Boulevard, which has been designed by Gehry Partners and Foster + Partners.
Development of the 1,300-home phase three kicked off in 2016. It includes Battersea Roof Gardens, which will house a new 167-bedroom hotel with a rooftop swimming pool and bar and a cluster of residential buildings at Prospect Place.
Benn Zemek, CFO of Battersea Power Station Development Company, said: “The continued strong support from our international lender consortium provides further endorsement not just of the Battersea Power Station project itself, but also of London’s ongoing position as a first-class destination for international capital.”
The first phase, known as Circus West Village, is now home to more than 1,000 residents. The second phase, which is the redevelopment of the power station designed by WilkinsonEyre, is expected to open in 2021 and will house tech giant Apple’s London headquarters.
Apartments at the scheme, which is expected to provide 4,239 homes and 3.5m sq ft of mixed commercial space, start from £510,000, rising to £1.6m for a two-bedroom home.
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