NAMA waives Battersea debt deadline

THE National Asset Management Agency (NAMA) and other lenders to the Irish owners of the Battersea Power Station in London waived a debtmaturity deadline yesterday while talks with potential new equity partners for its redevelopment continued, a source close to theprocess has revealed.

AIM-listed Real Estate Opportunities (REO) is seeking a partner for the £5.5 billion (€6.25bn)development, and its senior lenders Lloyds and NAMA have already extended a deadline once relating to the £400 million REO paid for the site in 2006.

“The banks have nothing to gain by calling the debt in,” the source said.