Battersea project to secure £1.35b loan from multiple banks

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KUALA LUMPUR (Sept 10): Phase 2 and 3 of the iconic Battersea Power Station project in London, the UK, will be financed via a £1.35 billion loan from various banks that include domestic and foreign financial institutions.

The banks set to be involved are the current financiers — Maybank, CIMB, Standard Chartered, OCBC and HSBC.

Other banks will also be roped in to finance the £8.5 billion project, which is the total gross development value of Battersea, according to Battersea Project Holding Co Ltd (BPHCL) chairman Tan Sri Liew Kee Sin.

"We are hoping to sign with the banks for financing by October 30," Liew told reporters, after the launch of Phase 3 here today.

BPHCL chief executive officer Rob Tincknell said the firm would look for further financing for the subsequent phases of the Battersea project.

However, he declined to reveal how much.

"We're looking at phases two and three at the moment. That is another day's work."

On whether Liew would remain as chairman of BPHCL beyond the current term, which expires in September next year, he said the decision remains with the three shareholders of Battersea Power Station — SP Setia Bhd, Sime Darby Bhd and the Employees Provident Fund.

"It is up to the shareholders," Liew said.

"My term as chairman ends in September 2015. If I do a good job, then it is up to them to decide. If I do a lousy job, then my chances on staying may not be good," he added.

Liew stressed that ultimately, his role in the Battersea Power Station project has to be based on performance.