Walkers Jersey advised the consortium of lenders on the financing aspects of Phase 3B of the ongoing landmark redevelopment of the Battersea Power Station site to enable the delivery of high-quality office space as well as over 200 residential units.Battersea Power Station, which was fully decommissioned in 1983, and given Grade II* building status, is being redeveloped as part of a seven-phased, £8bn ($13.36bn)-worth redevelopment project.
The project is located opposite Chelsea, about one mile from the Houses of Parliament, and about 400m stretch of the site is directly oriented towards River Thames. The site is owned by a Malaysian consortium comprising of S P Setia, Sime Darby, and Employees Provident Fund (EPF).
The project’s master plan was approved by Wandsworth Council and the Mayor of London in 2010, while the Secretary of State approved the project in August 2011. The entire project is expected to continue until 2025.
The overall site covers an area of 42 acres (17ha), of which 18 acres (7.28ha) will be public space and six acres will be used to create a river side park. The redevelopment will involve the construction of 3,444 new residential homes, 517 affordable homes, restoration of the power station itself, construction of a new tube station, 2.5 million square feet of office and retail space, a library, a medical centre, and childcare facilities.
The Walkers’ team was led by Group Partner Jon Le Rossignol (Picture) and Jonathan Heaney, closely assisted by associate Meg McAuley and with support from senior counsel Julia Keppe.
Involved fees earner: Jonathan Heaney – Walkers Global; Julia Keppe – Walkers Global; Jon le Rossignol – Walkers Global; Meg McAuley – Walkers Global; Law Firms: Walkers Global; Clients: CIMB Group; Maybank Investment Bank; OCBC Bank; Standard Chartered;