Battersea Power Station has secured one of the biggest UK real estate finance deals in recent memory, after a £1.35bn fund was agreed yesterday.
The deal represents £750m to fund the development of the power station building on the banks of the river Thames and £600m to build London’s newest high street, Electric Boulevard, in the south of the city.
Speaking at the signing ceremony in the power station’s famous control room yesterday, chairman of the building Tan Sri Liew Kee Sin said the deal marked a “significant step” in the redevelopment of the iconic building.
“There arrangement will support the creation of jobs, affordable housing and enhanced transport within London,” he added.
Refurbishment work of the south London landmark is already underway, with the four chimneys being replaced piece by piece. The main body of work will begin early next year, including a new Battersea Power Station Tube stop and extension to the Northern Line to serve the new transport hub.
The Battersea Power Station site is owned by a consortium of Malaysian investors.