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Battersea Power Station owner posts £265m loss

Battersea Power Station owner Real Estate Opportunities today reported a 2008 loss of £265 million after writing down the value of its property portfolio by 16 per cent.

Due to the economic conditions the firm’s Battersea Power Station site was revalued to £406 million at 31 December 2008 from £450 million a year earlier.

However the strength of the euro meant the Irish firm’s portfolio actually rose 8 per cent to £1.9 billion from £1.7 billion in 2007.

Property income amounted to £32 million compared to £20 milion a year earlier.

More than 200 investors attended an event at Battersea Power Station on Monday to hear about opportunities to invest in the £4 billion regeneration of the Nine Elms area.

A planning application is expected to be lodged with Wandsworth Council this Spring.