Malaysia’s EPF, PNB sound out banks for $2b loan for Battersea project

Cranes stand above the Battersea Power Station office, retail and residential development, in London. Photographer: Chris Ratcliffe/Bloomberg

Two major backers of London’s Battersea Power Station project are sounding out banks for a loan of about 1.5 billion pounds ($2 billion), people with knowledge of the matter said.

Malaysia’s Employees Provident Fund and state-owned asset manager Permodalan Nasional Bhd. are expected to hire banks shortly, according to the people, who asked not to be identified as the process is private. Proceeds will be used to refinance existing borrowings and complete the purchase of commercial assets being developed as part of the Battersea Power Station project’s second phase, the people said.

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