REO buys London's Battersea Power Station

Irish property investment and development company Real Estate Opportunities Ltd (REO) has exchanged contracts to purchase Battersea Power Station and its surrounding lands in London from the Hwang family for £400m (€592m).

The site, which covers 38 acres (of which six acres comprise the power station) is set alongside 380 metres of riverside frontage within the London borough of Wandsworth.

The transaction is conditional on the approval of REO's ordinary shareholders and property developer Treasury Holdings, which controls 58.5%.

REO's last reported results for the six-month period ending June 30 showed assets at £907m (€1.3bn) and net asset value per ordinary share increasing from 72.9p to 94.4p, an uplift of over 29%.