Battersea Power Station nears completion with £280m new loan

Developers of Battersea Power Station have secured a £280 million refinancing loan as the £5 billion regeneration project approaches its final stage. The Battersea Power Station Development Company obtained the new funding from a consortium of lenders, including Standard Chartered, CIMB, OCBC, and Maybank. This financial support comes as the development project in west London enters its final phase, with plans submitted for the site's remaining 16 acres last month.

Chee Sing Siew, the company's finance chief, emphasized the importance of patient capital and confidence in the long-term value the development holds. The refinancing provides a solid financial foundation for developing the remaining land and ensures sustained value for shareholders and the wider neighborhood. In addition to the 2,200 existing homes, 800,000 sq ft of office space, and over 170 shops, bars, and restaurants, the site will soon see the commencement of construction on Prospect Place South.

This phase will add around 300 new homes and 65,000 sq ft of retail, hospitality, and leisure space. The redeveloped Battersea Power Station already accommodates businesses such as Apple, appliance maker SharkNinja, and architectural firm Foster + Partners. The original power station, designed by Sir Giles Gilbert Scott, once operated as a coal-fired facility before being decommissioned in 1975 and is now home to Apple Music Hall, which hosted Sir Elton John for its first concert last month.