Baker & McKenzie.Wong & Leow, the member firm of Baker & McKenzie International in Singapore, has advised a syndicate of lenders (which was led by CIMB Bank Berhad, Labuan Offshore Branch) on the £790,200,000 long term development financing of the Battersea Power Station, an iconic decommissioned coal-fired power station located on the south bank of the River Thames in London. The proceeds of the financing will be used to develop the site, which includes construction of apartments, office buildings, hotels and other commercial outlets to be completed in phases.
The transaction was led out of Singapore by Principal Emmanuel Hadjidakis who was supported by Chu Kah Chin, Amanda Toh, Simon Gray and Adam Tan.
The multi-jurisdictional transaction also drew on support from teams in Hong Kong, Malaysia and London. Wong & Partners, Baker & McKenzie’s Malaysian member firm, advised on the Malaysian law aspects of the transaction with partner Mark Lim leading the Malaysia team and assisted by Esther Chik and Esther Low.
Baker & McKenzie’s London office advised on both the real estate and construction aspects. Partner Justin Salkeld led the real estate team, assisted by Sophie Franklin-Smith and Sam Harris, while partner Mike Webster advised on the construction aspects, assisted by Matthew Coleman and Tania Arora. In Hong Kong, partner Sally Hung led the team advising on the Hong Kong law aspects of the transaction, assisted by Quiny Chan.
Walkers acted as the lenders’ Jersey and BVI counsel and Norton Rose Fulbright acted for the borrowers and the sponsors.
Since ceasing operations as a coal-fired power station in 1983, the Battersea Power Station has become part of the London skyline and has been listed as Grade II listed – which is a listing of buildings of special architecture and historic interests. The new US embassy is located nearby and the London underground will be extended as part of the redevelopment of the area. The site is regarded as one of the largest developments in London.
Principal Emmanuel Hadjidakis commented, “We are pleased to have acted for the lenders on this landmark transaction. This transaction is part of a growing trend of Asian corporates and funds investing abroad and particularly in the London property market.”
“We have been very fortunate to have acted on a number of these high profile transactions which play to a number of the Firm’s strengths, namely our unrivalled global reach, local knowledge and our ability to close complex cross-border transactions.”
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