Law firms help finance Battersea Power Station development
It was announced today that Jersey law firms, Ogier, Carey Olsen and Mourant Oxannes helped Real Estate Opportunities Plc (REO) to raise funds for the new Battersea Power Station redevelopment- Central London’s biggest ever development.
The Telegraph reported that the property market slump of 2008, negatively impacted REO’s asset values and prevented it from being able to fund the future Battersea Power Station development.
The redevelopment of the power station will consist of over 3, 400 new homes, 1.7 million sq ft of office space and 1.5 million sq ft for community activities, conferences, hotels, shops, restaurants and other amenities. Approximately 28, 000 inhabitants and 25, 000 workers are expected to occupy the space once complete.
The park area could be open to the public as early as July 2011 which will open up the Thames River Walk beneath Grosvenor Railway Bridge. There are also plans to extend the Northern line and to create a new underground station. The entire project is expected to be complete by 2016.
Ray Horney, Chairman of REO commented in the Telegraph, "We are very pleased to announce the restructuring process which commenced in May 2010 has now been implemented. The conclusion of this process is yet another step towards realising our plans for the redevelopment of Battersea Power Station."