Banks swoop in to refinance power station

Kasmira Jefford
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BATTERSEA Power Station’s owners have secured a £790.2m funding package from a consortium of banks to help refinance the regeneration of the iconic red brick building.

The loan is one of the biggest property financing deals completed so far this year and includes a £532m five-year facility to support the first phase of the development and a £258.2m land facility to refinance the loan used to help acquire the site.

The group of international banks already had relationships with the owners and include Malaysia’s CIMB, Singaporean bank OCBC, Standard Chartered and Maybank.