The company behind the Rafael Viñoly-masterplanned £5.5 billion redevelopment of Battersea Power Station has reached an agreement to defer payments on its loans until next year
Real Estate Opportunities (REO) in 2006 bought the 6 hectare site for 600 million Euros, borrowing some money from the Bank of Ireland.
At the time of purchase the company issued £150 million worth of ‘loan notes’ to the previous owner Victor Hwang. Today’s agreement means REO can defer all repayments on this loan until May 2011.
REO’s proposal to redevelop the deteriorating Grade II* Listed brick structure and build 3,700 homes on the site is expected to go before Wandsworth Council’s planning committee in early November.
Planners have yet to issue their recommendations but CABE and English Heritage support the application.