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Ashurst and Herbert Smith are advising on the £5.5bn proposed redevelopment of Battersea Power Station in London.
Herbert Smith real estate partner Clare Fielding is leading a team advising the power station’s owner, Real Estate Opportunities (REO), on what is believed to be the largest ever planning application in Central London.
Longstanding REO adviser Ashurst has been instructed to advise on the financing aspects of the regeneration project, with corporate partner Nigel Stacey leading. His team includes Ashurst real estate partner Simon Cookson and finance partner Sarah Watkinson.
Stacey said: “Our role has developed over the years. We’ve been advising on a lot of the financing aspects behind the redevelopment.”
In 2006 The Lawyer (1 December) reported on Ashurst winning a mandate to advise REO on the £400m acquisition of the iconic Battersea Power Station. Richards Butler (now Reed Smith) corporate partner David Boutcher led a team advising the seller Oriental.
Plans for the regeneration of the site have changed in recent years, with proposals for the 40-acre site being scaled back. The new project includes 3,700 homes, 1.6m sq ft of office space and 500,000 sq ft of retail and restaurant space. The planning application was registered with Wandsworth Council earlier this month.