Battersea Power Station Looks To Final Phase: The London Deal Sheet
The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.
Battersea Power Station has appointed master planner and strategic urban design practice Studio Egret West to evolve the original Rafael Viñoly master plan for the remaining 16 acres of the 42-acre riverside neighbourhood, which includes a retail and office development at its centre.
The developer of the huge urban regeneration scheme said in a statement it had identified the potential to deliver up to 3.2M SF of residential, commercial, cultural and leisure space in the final phase.
The completion of Battersea Power Station will connect to the new Nine Elms Park, a 14-acre green space running from Vauxhall through Nine Elms and ending at the 6-acre riverfront Power Station Park.
FINANCE
London-listed Sirius Real Estate has completed a £77M capital raise, which will allow the company to execute on two “attractive acquisition opportunities” in Germany focused on defence-related assets and tenants, with an estimated total value of approximately £113M.
The offer shares from the finance round represent approximately 5% of the existing issued ordinary share capital of the company prior to the capital raise.
Berenberg and Peel Hunt acted as joint global coordinators and joint bookrunners in respect of the placing. PSG Capital acted as adviser, sole bookrunner and placing agent in respect of the South Africa placing.
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Peabody has agreed a new £50M loan with CIC London, the European bank’s first investment in the UK social housing sector. The funding will support Peabody’s ongoing investment in residents’ homes and services, plus its wider work in local communities.
Last year, Peabody spent £431M maintaining and improving residents’ homes and invested £9M in neighbourhood projects through its community foundation, the housing body said.
CIC London is part of the French banking group Crédit Mutuel Alliance Fédérale and invests across a wide range of sectors.
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Cheyne Capital has provided a £92M senior loan to fund the construction of The BeCa, a build-to-sell development of 292 New York-style apartments in Bermondsey.
Located on Old Kent Road, The BeCa has been designed by architect Farrells and will include a concierge, coworking space, a private fitness suite and communal roof terraces above ground-floor commercial spaces.
Cheyne Capital is providing the funding to a joint venture between Avanton and Housing Growth Partnership, a subsidiary of Lloyds Bank, which will use the loan to refinance its existing facility.
Construction is expected to complete in 2027 for a scheme that forms part of Avanton’s wider regeneration of the Ruby Triangle on Old Kent Road, which will create more than 1,600 new homes across five buildings alongside commercial space.
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Cynergy Bank has announced a £31M deal to London-based Samko Holdings in a transaction to support Samko’s next phase of growth, enabling continued investment in its portfolio of regional hotels, the addition of new rooms and the acquisition of further sites, the companies said.
A portion of the funding will support a hotel recently transitioning out of a formerly long-running contract, which has been reopened and begun trading once again as a standard hotel.
Founded by Sampathkumar Mallaya, Samko Holdings originally specialised in the industrial and engineering sector before diversifying into hospitality and leisure. It now has four sites across London, with plans for future expansion.
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Specialist real estate lender Leumi UK has completed two loans worth £26M to Magnetar, a U.S.-based alternative asset manager, for the acquisition of two retail assets in the north of England.
The transactions are the fourth and fifth deals completed by Leumi UK in support of Magnetar and Northdale Advisors and include an £18.4M senior term loan facility for the acquisition of the 280K SF Kingsgate Shopping Centre, Huddersfield, plus a £7.9M senior term loan facility for the acquisition of Stanley Square, an open-air retail and leisure destination located in Sale, Greater Manchester.
Both Huddersfield and Sale have had significant redevelopment in recent years, Leumi UK said.
LEASING
Aviva Investors has completed a letting agreement with Sona Asset Management at its Pegasus development in Mayfair, central London.
The agreement will see Sona Asset Management take around 31.5K SF spread across the first three upper floors of the building, meaning almost 50% of the office space has now been pre-let.
Pegasus Mayfair is a redevelopment by Aviva Investors of Pegasus House and Nuffield House, two historic buildings on the corner of Piccadilly and Sackville Street. When complete, the scheme will provide approximately 60K SF of office space across six floors, plus six residential apartments and nearly 14K SF of commercial space at street level, including a retail parade.
“Pegasus, Mayfair is the sixth central London development being delivered by Aviva Investors over a three-year period and demonstrates our ability to deliver a best-in-class mixed-use development, whilst remaining sensitive to the historic character and value of the original buildings,” Aviva Investors Head Of Central London Ed Atterwill said in a statement.
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Great Portland Estates has confirmed that all 29K SF of Fully Managed space in Phase 1 of its repositioning of City Tower is fully let or under offer. Once complete, these lettings are expected to deliver £5.3M in annual rent at an average of £186 per SF, according to GPE.
The second phase, comprising 19.9K SF of space, is scheduled to launch in March, meaning around half of the 21-storey building will have been converted to GPE’s Fully Managed offer.
As part of the repositioning, GPE has created more than 4.2K SF of new communal and event space on level 21. The scheme sits adjacent to GPE’s 2 Aldermanbury Square development, which has been pre-let to law firm Clifford Chance and is expected to complete in February.
PEOPLE
Delancey has appointed Lesley Davison as managing director of capital markets, with a particular focus on the firm’s growing credit and debt strategies, the company said.
She rejoins the business in March, having previously spent 14 years as director of banking and treasury. With over 25 years of real estate investment experience, Davison has held senior roles at Seaforth Land, Telford Homes and GoSpace AI.
