Jane Owen (Saxondene Consulting Ltd)

November 30, 2006 05:40 ET

Partnership secures future of Battersea Power Station

LONDON, UNITED KINGDOM--(CCNMatthews - Nov. 30, 2006) - Parkview International (London) PLC ("Parkview") today is pleased to announce that it has exchanged contracts with Real Estates Opportunities ("REO"), a public company listed on the London Stock Exchange, to develop the Battersea Power Station site ("the Site").

Under current arrangements REO will be acquiring 100% interest of the Site. However, Parkview remains confident and positive about the project and REO's management ability and is intending to reinvest 37.5% of the value of the Site back into REO and remain as a committed minority partner.

Parkview and its associated companies currently hold the freehold title to the Site which comprises 38 acres set alongside 380 metres of riverside frontage within the London Borough of Wandsworth and is home to the iconic Battersea Power Station.

Victor Hwang, President of Parkview says:

"Our first priority has always been to ensure that the regeneration of Battersea Power Station would be seen through to completion. We have given a great deal of effort to create a world class project in one of the world's greatest cities.

We have, over time, been in numerous discussions to seek the right development partner for the project to continue and we believe that REO is the right choice. To see this development through the construction phase to completion requires vision, skill, finance and experience in urban regeneration on this scale.

I believe that we have found the right team in Ray Horney, Chairman of REO, along with majority shareholders, Treasury Holdings, whose principals are Richard Barrett and Johnny Ronan. They have the passion, drive and proven expertise to deliver this."

It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed Company. This will assure that there is transparency and clear reporting requirements to the public, whose affection for this iconic building has never wavered. There is now an opportunity for public investment into what will become an unrivalled 21st Century mixed use luxury living and working environment.

It has been a challenging 13 years, at times fulfilling and at others, arduous.

Parkview first acquired the outstanding bank loans in 1993 and it was not until April 2003, that full unencumbered possession of the site was realised.

Parkview has given all that it can to arrive at this stage of planning and we have many people to thank who have given so much of their energy to the project. We would also like to thank those who have been critical of the scheme to date as they have constantly challenged us to remain focused on delivering a master plan that we feel is the best solution to safeguard the future of the Power Station.

Mr Ray Horney, Chairman of REO commented,

"We are delighted to be involved in a project that presents both a magnificent property development opportunity and challenge. The Power Station itself is a building that is a much-loved part of London's heritage on a site, which by virtue of its size and location offers an extraordinary development opportunity. No comparable site exists in Central London."

"Those that know the work of Treasury Holdings (REO's majority shareholder, which will lend its development expertise to this site) at Spencer Dock in Dublin should have great confidence that the site is in good hands. Spencer Dock, which at some 52 acres is Dublin's largest urban regeneration project, has proved both commercially successful and a magnificent addition to Dublin's building stock. REO looks forward to working closely with Wandsworth Council, the relevant planning authorities and the local community to enable the Site to fulfil its potential."

End

Contact Information

  • Parkview International London PLC
    Ian Rumgay
    Tel: +44 (0) 20 7501 0688
    or
    Real Estate Opportunities Limited
    Ray Horney, Chairman
    Tel: +44(0)1273 775225
    or
    Treasury Holdings
    Richard Barrett
    Tel: +353 1 618 9300
    or
    Teather & Greenwood
    Paul Fincham / Jonathan Becher
    Tel: +44 (0) 207 426 9000
    or
    London:
    Simon Rothschild/Oliver Winters
    Bankside Consultants
    Tel: +44 (0) 207 367 8888
    or
    Dublin:
    Elizabeth Headon
    Murray Consultants
    Tel: +353 1 (0)87 989 7234 / +353 1 498 0300