Battersea project looks to finalise 1.35 bil pound financing by end-Oct

Battersea Project Holding Company Ltd is working towards finalising 1.35 billion pounds in financing by end-October to fund phases two and three of the Battersea Power Station residential project in London.

"We are finalising the documents with several banks. We will sign the deal by the end of next month in London," its Chairman Tan Sri Liew Kee Sin said when updating reporters here today on the Battersea Power Station project.

In November 2013, the company, a special purpose vehicle formed to acquire the 39-acre power station site with S P Setia and Sime Darby holding a 40 percent stake each and the Employees Provident Fund the remaining 20 percent, secured 790.2 million pounds for the development and land refinancing loan for the project.

Meanwhile, he said the company is gearing up for its first global simultaneous launch next month of phase three and will be visiting 13 cities in 11 countries to attract global brands, businesses and restaurants.

"The global tour will also see phase three of the development launched with a gross development value of two billion pounds, with 539 homes to be made available ranging from studios to four-bedroom town houses and limited units of penthouses," he said.

Exhibitions are planned for London, Kuala Lumpur, New York, Paris, Shanghai, Singapore, Dubai and Hong Kong from Oct 31, with a second weekend of exhibitions planned for Los Angeles, Milan, Tokyo, Beijing and Doha from Nov 7.

Liew said phase three will comprise 1,200 residential units in total with a 200-room hotel overlooking both the town square and the Power Station.

There will also be 350,000 square feet of retail and restaurant space, a 15,000-square foot library and further leisure space, he said.

Battersea Power Station Development Co chief executive officer Robert Tincknell said phase three will be the final phase to be launched before the commencement of the main works for the London Underground's Northern Line Extension in 2015.

The next launch is anticipated to be in 2016 or 2017, he said.

On the phase two, also known as the Power Station, Tincknell said preliminary works are well underway to restore this former powerhouse of London.

"Main works are targeted to start in spring 2015," he said.