Battersea Power Station Development Company has obtained a £280 million refinancing facility to support the ongoing regeneration of its 42-acre London riverside scheme. Provided by long-standing lending partners CIMB, OCBC, Maybank and Standard Chartered, the agreement establishes funding for the remaining 16 acres of undeveloped land.

The refinancing follows the submission of an updated masterplan for the final 16 acres, created by urban design practice Studio Egret West. The proposals set out up to 3.2 million square feet of residential, commercial and leisure space, effectively doubling the scale of development completed on site so far.

Active building work is already progressing across the neighbourhood, with construction beginning in early September on Prospect Place South. Designed by Gehry Partners, the two new structures will introduce around 300 homes, 65,000 square feet of retail and dining space, a 15,000 square foot Community Hub and a dedicated bike facility to complete Electric Boulevard.

Alongside commercial phases, local planners have approved 200 council homes to be delivered with Wandsworth Council under the Homes for Wandsworth initiative. Scheduled to begin construction in early 2027 on Phase 5, these properties will be allocated to local residents at social rent rates.

The site has already delivered over 2,200 homes, roughly 800,000 square feet of office space and more than 170 operational retail, dining and leisure outlets.

Chee Seng Siew, Chief Financial Officer at Battersea Power Station Development Company, said: “Successful regeneration on the scale of Battersea Power Station depends on patient capital and a shared belief in the long-term value a place can create. Against a quieter property market, the continued support from our lenders reflects confidence in the transformation achieved so far, from the restoration of the once derelict Grade II* listed Power Station to the creation of a thriving riverside neighbourhood, and the opportunity that lies ahead.

“Following the submission of our revised masterplan for the future phases, the start of construction on Prospect Place South and securing planning approval for 200 high-quality council homes, this refinancing loan marks another important step for the regeneration of Battersea Power Station. It provides a firm financial foundation for developing the remaining 16 acres of land and creates sustained value for our shareholders and the wider neighbourhood.

We would like to thank our lenders and shareholders, S P Setia, Sime Darby Property and the Employees Provident Fund, for their continued support as we bring forward the next chapter of Battersea Power Station.”