Irish developer Real Estate Opportunies buys 100% interest, as Foster's future on the project remains unclear
The owner of Battersea Power Station Parkview International announced this morning it has sold the iconic site to Real Estate Opportunities, a group of Irish investors.
REO, which is led by Irish developper Treasury Holdings, has bought a 100% interest in the 38-acre site. Parkview will re-invest 37.5% of the value of the site back into REO and remain a minority partner.
The future of the project team, which includes Grimshaw and Arup, remains unclear as it is thought the new owners will revaluate the plans. It is known that Foster and Partners had been asked to look at the site but it remains unclear whether it will continue to work on the project.
Hwang said: “It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed Company. This will assure that there is transparency and clear reporting requirements to the public, whose affection for this iconic building has never wavered.”
The first phase of development, after the demolition and re-building of the iconic towers, is expected to be residential, followed by a leisure-led mixed-use scheme.
Ray Horney, chair of REO, said Battersea power station was a unique project. He said: “The Power Station itself is a building that is a much-loved part of London’s heritage on a site, which by virtue of its size and location offers an extraordinary development opportunity. No comparable site exists in central London.”
Parkview had been involved with the site for 13 years.