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Battersea Power Station a step closer says developer

The firm behind the £4.5 billion Battersea Power Station redevelopment has issued a bullish trading statement claiming it has garnered significant interest from firms prepared to invest in the project.

The south London scheme has already received backing from Wandsworth Council and the Mayor of London, and is awaiting final approval from the Secretary of State for Communities and Local Government.

But Real Estate Opportunities requires additional partners to drive the project forward. “Significant interest from prospective investors” was seen during the group’s global investment roadshow, the company said.

Construction on Phase 1 of the development is scheduled to commence in early 2012 with completion in 2016. The remaining phases, including the first ever privately funded extension to the tube network in Central London, are scheduled for completion thereafter.

Chairman Ray Horney said: ‘We are pleased with the progress we have made in recent months. The planning application for BPS is progressing well, while we are also making good progress towards balance sheet restructuring. We look forward to updating the market on further progress in due course.

“In conjunction with the Group’s quality portfolio and strength of senior management, the Board remains confident that the Group is positioned to benefit from predicted stability and growth in the wider Irish and UK economies.”

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