Tue, 13 Dec 2011 | BUSINESS SALE
Battersea Power Station’s owner was placed into administration yesterday by a London judge in a High Court hearing.
The move into administration was requested by creditors, and led by Lloyds and the Ireland-based National Asset Management Agency.
The troubled Irish property company Real Estate Opportunities Plc (REO) owes its creditors over £500 million.
Ernst & Young has now been appointed as the administrator to sell the site or the debt to recover the amount owed. The creditors initially called in the loans on 29 November, and REO was inviting offers for its controlling stake in the site soon after.
REO was granted planning permission for a £5.5 billion redevelopment of the 38-acre site one year ago. The plans include a promise to give more than £200 million to the extension of a London Underground line.
“Battersea Power Station is an iconic building and the associated parcels of land under administration are attractive assets with a great deal of development opportunity”, said Alan Bloom, joint administrator, to the Guardian.
“With such a large piece of prime real estate development land there are many stakeholders and during the administration process we will be working very closely with all parties,” he added.
Read our story on Battersea Power Station close to entering administration.
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