Next owner of Battersea may need to commit €815m
Creditors, led by the National Asset Management Agency and Lloyds Banking Group Plc, will try to recover the entire £502m owed by the project’s owner by selling the site or the debt, according to two people familiar with the matter. The existing plan also includes a commitment to contribute more than £200m toward extending a London Underground subway line.
The development is effectively up for sale now, because NAMA and Lloyds want to avoid the cost of putting the owner into administration, said the two people, who asked not to be identified because the information isn’t public. On November 29, the creditors called in loans to the project’s owner, Battersea Power Station Shareholder Vehicle Ltd. They are scheduled to ask a judge on December 12 to appoint an administrator to sell the site.
