Power Station credit crunch
22nd September 2008
Battersea Power Station and Real Estate Opportunities
In the REO 2007 accounts Chairman Ray Horney says on 30th March 2008 “Given the uncertain outlook for the US and other western economies and the significant re rating of property company shares, it would be unrealistic to hope or expect that REO should have remained immune”
There was zero dividend paid to shareholders this year. Added to this, REO had a £110 million debt facility with the Royal Bank of Scotland to finance the Battersea Power Station including land acquisitions.
The recession has dealt a fatal blow to HBOS which has gone into receivership and taken over by Lloyds.
What will this mean to regeneration of the Grade 11* listed building and the repair of the iconic chimneys?
The Battersea Power Station Community Group is worried that the building will be left yet again to the winter weather without a roof to become even more at risk.
Will this famous landmark also become a victim of the world wide recession?
Brian Barnes MBE Chairman of BPSCG 020 7627 5821
Posted on 22nd September 2008
© Battersea Power Station Community Group 2008