Knight Frank and the real estate corporate finance team at Ernst Young have been appointed as joint advisers to sell Battersea Power Station in London, which was formerly controlled by Dublin-based Treasury Holdings.
Treasury lost control of its majority stake in Battersea when Lloyds Bank and Nama last month received court approval to have an administrator – Ernst Young – appointed to Battersea. Treasury’s interest in Battersea was held through its majority stake in Real Estate Opportunities, a UK-listed company whose acquisition of Battersea in 2006 for close to €600 million was part-funded by the Bank of Ireland, whose loans were transferred to Nama in 2010.
The site, on the Thames, has outline planning consent for a mixed-use development. Treasury had planned a £6.4 billion development of Battersea. The 40 acre site is expected to be put up for sale in the first quarter of this year.
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