Walkers in Jersey continues to advise on the landmark redevelopment of Battersea Power Station following on from the record-setting £1.6 billion forward sale of the Power Station building (Phase 2) to PNB and EPF in March.
The Walkers team gives ongoing assistance to the lenders behind the project, most recently on the £600 million debt refinancing in respect of the third phase of the development, known as “Phase 3a” which completed in September. The facility will be utilised to fund the continued development of Phase 3a of the 42 acre regeneration site which comprises what will be London’s newest high street, Electric Boulevard and mixed use buildings designed by Gehry Partners and Foster + Partners.
In March, the firm advised the lenders on the acquisition of the second phase commercial assets amounting to £1.6 billion property – the highest-value UK real estate transaction on record and involving commercial and residential refinancing work-streams.
The Walkers team was led by partner Jonathan Heaney with assistance from senior counsel Jon Le Rossignol and Guy Morris, senior associates Bella Ward and Dan Perkins and associate Meg McAuley.
Baker & McKenzie Wong & Leow acted as onshore counsel to the lenders, and Linklaters and Norton Rose Fulbright LLP acted as onshore counsel to the Battersea entities.
Walkers partner Jonathan Heaney said: “We are very pleased to have been involved since inception in the Jersey aspects for the lenders of the Battersea Power Station project.
“Our teams have significant experience in respect of holding structures and financing agreements in respect of high value London real estate assets.
“It is notable that Jersey continues to be a popular choice for holding assets of this type, and that, despite the uncertainty created by Brexit, we continue to see significant foreign investment into high end commercial and residential real estate, particularly in London, but also in the regions.”
