Battersea Power Station has declared the closure of a syndicated debt facility totalling £1.35bn.

The financing, which is one of the largest real estate financing transactions in recent years, comprises:

• A £750m facility to fund the development of the Power Station building;

• £600m facility to fund the development of London's newest high street, Electric Boulevard, comprising buildings designed by Gehry Partners and Foster + Partners.

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CIMB, Maybank and Standard Chartered Bank are acting as Mandated Lead Arrangers, Book runners and Joint Co-ordinators. DBS, NBAD, OCBC and RHB are participating as primary syndicate members.

Refurbishment work on the Power Station, including replacement of the chimneys, is progressing well. Main construction work on the Power Station will commence in Q1 2015 at the same time as the start of construction of the Northern Line Extension, including the Zone 1 station at Battersea Power Station.

(CD/JP)