Battersea Power Station lenders extend deadline.
Lenders to the developers of the Battersea Power Station regeneration waive debt deadline.
The owners of the Battersea Power Station have been given an extension from contractors and lenders. The lenders waived a debt maturity deadline and allowed the company to carry out additional talks with potential equity partners. The new partners will bring in more money as the redevelopment continues.
The London landmark is being transformed into brand new office space that will create an estimated 25,000 jobs in the Battersea area with 15,000 working within the station. The developers, Real Estate Opportunities, is currently seeking a partner to form a joint-venture for the development. Currently the expected costs for the entire development stand at around 5.5 billion pounds.
The redevelopment will completely refurbish 10.1 million square feet of space and will also feature the creation of an extension to the Northern Line underground route. The senior lenders on the project are National Asset Management Agency and Lloyds both of which have extended deadlines for the project in the past.
Speaking about the situation a source from within the project told Reuters: “The banks have nothing to gain by calling the debt in. Talks with new equity partners continue, and an announcement may come in the next few weeks.”
Additionally the project aims to create retail space and thousands of homes for new residents within the area. It is also currently the largest regeneration within London rivalling new developments such as The Shard.