herald

Wednesday 22 November 2017

PROPERTY

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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