Battersea developer defers interest on loan repayments
The firm bankrolling Rafael Viñoly’s planned £5.5 billion redevelopment of Battersea power station in south London has said it has reached agreements with its banks to defer interest repayments on its loans to next May.
The news now gives Real Estate Opportunities extra breathing space to come up with the repayments.
REO, which is controlled by developer Treasury Holdings, has borrowed £262.5 million from the Bank of Scotland and the Bank of Ireland, with the loan facility extended to August 2011 following an agreement hatched between the parties last month.
An outline planning application for the scheme is due to be heard by Wandsworth councillors later this month.