More cash shenanigans in the ongoing saga involving Battersea Power Stations future. Ride the credit crunch, wait for financial turmoil to rid itself and then sell on.
Real Estate Opportunities (REO) has secured a further £40m of debt to finance the development of Battersea Power Station in South London. Bank of Scotland Corporate has increased an existing £185m debt facility by £40m and extended the loan from December next year to March 2011.
More Companion news on Battersea Power Station
The debt will be used to finance the costs of the Battersea Power Station planning application which is due to be lodged in 2009. REO, which is listed on the London and Irish stock exchanges, has also increased an existing loan facility with an unnamed Irish lender, secured against REO’s income-producing investment portfolio in Ireland, by €50m (£39.5m). The maturity date of this loan remains 2013.
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