Parkview International is preparing to sell up to 20% of its £1.2bn Battersea Power Station scheme to UK institutions.
The news comes three months after Irish developer Ballymore walked away from exclusive negotiations with Victor Hwang’s firm to take a stake in the 38-acre redevelopment of the south London icon. Ballymore had wanted to take a controlling interest.
In an interview with EG, Hwang said: “We’ve had a lot of interested parties, and we want to get on with construction.”
Parkview chief executive Michael Roberts said: “We’re talking to one major banking syndicate, and we’ve had approaches from lenders hoping to put together a debt package for us. But while bank debt is possible, we’re looking at taking some institutional investment in the form of equity — perhaps as much as 20%.”
Parkview is talking to a Merrill Lynch-led syndicate about funding, along with other unnamed investors. Barclays and Royal Bank of Scotland are the project’s bankers.
A preliminary agreement was reached with Hyatt to operate two hotels in 2003, but talks have not yet been concluded.
Roberts said he had nearly secured the prelet income streams that his funders require.
Hwang interview p120
