Power plant site cash won

Some £40 million has been secured by the firm behind the redevelopment of Battersea Power Station to pay for the planning application.

Real Estate Opportunities (REO) will use the cash to lodge an application next year. Treasury Holdings, which owns 67 per cent of REO, wants to build 3,200 homes on the 15ha site.

The proposal includes a 235,000m2 office scheme designed by Rafael Vinoly, complete with an eco-dome and 300m glass tower. REO has already committed £150 million to saving and repairing the listed power station. If permission is granted, work could start in 2012.

REO chairman Ray Horney said: "Our ability to secure additional funding and to extend the term of debt facilities, despite this unusually turbulent period in credit markets, highlights the strong financial position of the company."

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