Developers of London's iconic Battersea power station has snapped up a £790m syndicated loan, issued by a raft of Asia based banks, in a bid to rebuild the structure into a complex of apartments, shops and offices.

The Battersea Power Station Development Company has received the bumper amount from Malaysia's CIMB and Maybank as well as Singapore's OCBC and emerging markets bank Standard Chartered.

The power station was sold for £400m (€480m, $645m) in 2012 to SP Setia, a Malaysian property developer after previous redevelopment schemes floundered.

Reconstructing the disused power station, the largest brick building in Europe, is estimated to cost around £150m.

The Battersea Power Station Development Company has received the bumper amount from Malaysia’s CIMB and Maybank as well as Singapore’s OCBC and emerging markets bank Standard Chartered. (Photo: Reuters)
The Battersea Power Station Development Company has received the bumper amount from Malaysia’s CIMB and Maybank as well as Singapore’s OCBC and emerging markets bank Standard Chartered. (Photo: Reuters)

The loan will go mainly go towards turning the dilapidated power station into 240 apartments, 200 shops and an office complex, alongside an observation platform and a 90,000 square foot garden.

Battersea Power Station Development Company's chief executive Rob Tinknell has previously said that the offices will be used by design and media companies as well as the creative industries.

The Northern line of the London Underground will also be especially extended to serve the site.