KUALA LUMPUR: Battersea Power Station Development Company has secured a £280mil (RM1.52bil) refinancing loan to fund the development of the remaining 16 acres of its 42-acre London riverside site.
According to the project developer, the loan was provided by CIMB, OCBC, Maybank, and Standard Chartered.
"The facility reflects confidence in Battersea Power Station’s delivery record, commercial maturity and readiness to progress its future phases," said Battersea Power Station Development Company Limited in a statement.
Chief financial officer Chee Seng Siew said the successful regeneration on the scale of Battersea Power Station depends on "patient capital and a shared belief in the long-term value a place can create".
"Against a quieter property market, the continued support from our lenders reflects confidence in the transformation achieved so far, from the restoration of the once derelict Grade II listed Power Station to the creation of a thriving riverside neighbourhood, and the opportunity that lies ahead."
The project's funding follows the recent submission of an updated masterplan by urban design firm Studio Egret West.
The proposal outlines up to 3.2 million square feet of residential, commercial, and leisure space, doubling the scale of development completed to date and completing the riverside neighborhood.
Construction has commenced on the next phase of development, Prospect Place South, since September.
Designed by Gehry Partners, the two-building development will feature roughly 300 new homes, 65,000 square feet of retail and dining space, a 15,000-square-foot community hub, a bike hub, and complete the pedestrianised high street, Electric Boulevard .
Alongside commercial expansion, planning permission has been approved for 200 social-rent council homes in partnership with Wandsworth Council under the Homes for Wandsworth initiative.
Scheduled to begin construction in early 2027 on Phase 5, these high-quality units will be allocated to local residents and families. To date, the landmark transformation of Battersea Power Station has delivered more than 2,200 homes, 800,000 square feet of office space, and over 170 retail, dining, and entertainment venues.
