Walkers Jersey Advises on Landmark Battersea Power Station Financing

Walkers' Jersey office was delighted to provide legal advice in connection with the £790.2 million syndicated financing of Battersea Power Station.

Walkers advised the syndicate of lenders on Jersey law in connection with the acquisition and development financing for this iconic London landmark. The Walkers team was led by partner Alex Carus and also featured Johanna Hendry and Lauren Stott. Walkers acted for the lenders alongside international firm Baker & McKenzie. Wong & Leow as lead counsel.

The financing is one of the largest real estate financing transactions this year and comprises of the following elements: a £532m five year development facility to support Phase One of the development and the refurbishment of the power station itself over the next three and a half years; as well as a £258.2m land facility, which refinances the initial loan used to fund the acquisition of the site onto a longer period of five years.

Alex Carus, partner with Walkers commented: "This is an extremely exciting project and one we are very proud to be again involved with. It is proposed that the redevelopment will eventually include an extension of the Northern Line, a restoration of the power station and the construction of 3,400 new homes, along with 1.7m sq ft of offices, 550,000 sq ft of retail space, new hotels, and an entertainment district."

The facilities were arranged with a group of international banks, including in senior syndicate positions CIMB (bookrunner and joint mandated lead arranger), OCBC, Standard Chartered and Maybank (joint mandated lead arrangers). The banks have existing relationships with the shareholders of Battersea Power Station – SP Setia, Sime Darby and Employees’ Provident Fund, who together have publicly committed up to £1bn of equity finance to the overall development.

Jonathan HeaneyManaging PartnerT +44 (0)1534 700 786jonathan.heaney@walkersglobal.com

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