The transformation of Battersea Power Station could soon be underway after developers secured financing for the first two phases of work.

In what will be one of the largest retail estate deals of 2013, a group of international banks will generate £532 million over a five-year development facility. The remaining £258.2 million will come in the form of a land facility which will refinance the initial loan which was used to purchase the site in the first place.

The money will go towards completing the first phase of the project which will refurbish the iconic power station. Developers will be involved in reconstructing the chimneys to their original designs while there will also be the creation of restaurants, cafes, bars and shops along with a multitude of state-of-the-art events spaces, offices as well as a hotel and new houses.

Simon Murphy, chief financial officer of Battersea Power Station Development Company, said: “The financing agreements are a key step in the development of Phase 1 and the restoration of Battersea Power Station and in bringing the iconic building into public use after 30 years.

"The agreements are a demonstration of both the level of confidence in this project, in London and internationally, and the strength of the relationships between the shareholders of Battersea Power Station and the banks.”

The future of Battersea Power Station had been a key topic for debate with a number of high profile bids being lodged to transform its future. Chelsea FC want to use the structure as part of a new stadium which would see them relocate from their current Stamford Bridge home.

However, in June 2012 the contract to redevelop the contract was handed to SP Setia and Sime Darby in a multi-million pound deal. Now plans are underway to ensure that the iconic building is revitalised.

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