Agents appointed to sell Battersea Power Station

Thu, 19 Jan 2012 | BUSINESS SALE

Ireland’s National Asset Management Agency (NAMA) is putting Battersea Power Station up for sale, reports have said.

Agents have been appointed to sell the landmark London commercial property development site, the Irish Independent reported. Industry estimates on what the property might go for vary but some suggest as much as £500 million. The proceeds would be divided between NAMA and other project lenders, namely Lloyds Bank and Victor Hwang, a property investor.

The sale of Battersea Power Station follows Ernst & Young being appointed as administrator for the company, taking control from former owner Real Estate Opportunities (REO) when it could not repay over £500 million of outstanding loans.

Ernst & Young’s property team and estate agent Knight Frank will now search for a buyer for the iconic site. The site is the biggest of its kind in London, coming with planning permission for 8 million square feet of development. Media reports say that planning has been approved for over 3,000 homes, a retail centre and a new Tube station.

Amongst those rumoured to be interested in buying the site is Russian billionaire and Chelsea Football Club owner, Roman Abramovich.

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