Wednesday 22 November 2017


UK's Battersea power station sold by NAMA

THE UK's iconic property development, Battersea power station has been put on the market by NAMA.

The 40-acre site (inset) in London could net as much as £500m (€600m).

The return would have to be shared between NAMA and other lenders to the project -- Lloyd's Bank and property investor Victor Hwang.

Administrators Ernst & Young took control of the site from former owner Real Estate Opportunities, a company controlled by developers Johnny Ronan and Richard Barrett.

Dublin-based Treasury's interest in Battersea was held through its majority stake in Real Estate Opportunities.

REO, a UK-listed company whose acquisition of Battersea in 2006 for close to €600m was part-funded by the Bank of Ireland, had its loans transferred to NAMA in 2010.

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