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Tue June 25 2024

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Battersea developer nears finance deal

12 Sep 11 The developer planning to turn Battersea power station into a housing development has insisted that work is still on course to start on site next year even though the finance is not yet in place.

The site owner, Real Estate Opportunities (REO), is hugely exposed to the Irish property market but says that it is in the final stages of negotiations with shortlisted potential equity partners for the Battersea site.

Local newspaper Wandsworth Guardian reports that REO had missed a multimillion pound repayment deadline on its £260m loan but a company spokesman said that REO had been granted an extension.

The spokesman said that REO expected to tie up a deal with an equity partner"in a few weeks or a few months".

The plan for the site on the south bank of the river Thames envisages more than 3,400 new homes.

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