Global legal practice Norton Rose Fulbright has advised on the £1.35 billion financing for Phase 2 and Phase 3 of Battersea Power Station, one of the largest UK real estate financing transactions to take place in recent years.
Norton Rose Fulbright advised the Battersea Power Station group backed by a consortium of sponsors comprised of Employees Provident Fund, SP Setia and Sime Darby. The financing consists of a £750 million development facility, to fund the development of the power station building (Phase 2) and a £600 million development facility, split between Islamic and conventional facilities, to fund the development of Phase 3 which consists of buildings designed by Gehry Partners and Foster + Partners and the construction of a new high street, Electric Boulevard.
The Norton Rose Fulbright team was led by real estate partner Dan Wagerfield and banking and finance partner Dan Kennedy with the wider team including Davide Barzilai, Neil Biswas, Sarah Cullen, Lucy Wolley Dod, Marie Kissick, Louisa Roe, Jessy Makdessi, Nisha Navekar and Malin Holmlund.
Dan Kennedy, commented:
“We are very pleased to have advised Battersea Power Station on this landmark transaction and to support them and the sponsors on the further development of Battersea Power Station and the surrounding site. We look forward to seeing the transformative impact that the development will have on the local area.”
This latest transaction follows the Norton Rose Fulbright real estate and finance teams acting on the original acquisition and financing of Battersea Power Station in 2012 and the subsequent £790 million financing of Phase 1 of the development and refinancing of the original acquisition. Norton Rose Fulbright has a raft of experience advising on large scale development projects in London, the UK and across the world.
Baker & McKenzie advised a syndicate of international lenders on the transaction.
Source: www.nortonrosefulbright.com
