ID :
346213
Thu, 10/30/2014 - 04:58
Auther :

Phase 3 Battersea Power Station Funding Completed Via Islamic Facilities

From Massita Ahmad DUBAI (United Arab Emirates), Oct 30 (Bernama) -- The funding exercise of the US$746.13 (467 million pound) Phase 3 of the Battersea Power Station (BPS) project in London was completed Wednesday, fully funded by way of Islamic facilities. The announcement of the successful completion of these facilities was made here Wednesday in the presence of Malaysian Prime Minister Najib Razak. Maybank Islamic Bhd of the Maybank Group has successfully co-structured and underwritten Syndicated Islamic Facilities for the Phase 3 of the project. Of the total financing amount of up to 467 million pounds, US$319.60 (200 million) pounds were committed by Maybank Islamic while the other financiers, namely CIMB Bank Bhd and Standard Chartered Bank Bhd, have an equal share of the remaining amount. Maybank Islamic Chief Executive Officer Muzaffar Hisham said the Syndicated Financing Facilities are in line with the Malaysian government's agenda to internationalise Islamic finance and enhance Malaysia's financial connectivity beyond its borders. He added that this, at the same time, supports the call for mega Islamic banks to be financially robust to support international trade and cross-border investment activities. He pointed out that the innovative features of the financing facilities are perfectly aligned with the 10th World Islamic Economic Forum's theme of "Innovative Partnerships for Economic Growth" and historic for the global Islamic Finance industry in terms of innovation and scale. "We are delighted to participate in this project, and we look forward to working together with BPS and all of the financiers in realising the potential of this project," said Muzaffar. Proceeds from the Syndicated Islamic Facilities will be used to finance the partial prepayment of BPS's existing land financing and part finance the development cost of Phase 3 of the project. BPS had earlier announced the successful completion of its funding arrangements totalling US$2.15 billion (1.35 billion pounds) for both Phase 2 and Phase 3 of the project in London on Tuesday. Only Phase 3 is to be funded by way of Islamic facilities while Phase 1 and Phase 2 of the project were funded via conventional facilities. Also present at the ceremony were Maybank Islamic Chairman Ismail Shahudin; Battersea Project Holding Co Ltd Chairman Liew Kee Sin; and BPS Development Co Chief Financial Officer Simon Murphy. Phase 3 of BPS has an estimated gross development value of US$3.41 billion (2.14 billion pounds). The Phase 3 residential component, targeted for global launch on Oct 31, 2014, represents the gateway to the entire development, connecting the new Northern Line Extension tube station to the Power Station building via the retail High Street, whilst the residential elements further contribute to the site's community and placemaking. Phase 3 will encompass at least 538 residential units for Phase 3A, at least 669 residential units and at least 103 affordable residential units for Phase 3B and about 412,364 sq ft of commercial net internal area. Two of the world's most innovative and renowned architectural practices, Foster + Partners and Gehry Partners, have been appointed as lead architects, in order to maximise value contribution. Maybank Islamic is Asean's leading Islamic bank and is the largest Islamic commercial bank in Malaysia with a market share of 31 per cent of Islamic financing and deposit of 25 per cent. As at the first half of the financial year ending Dec 31, 2014, Maybank Islamic's total assets stood at US$4.02 billion (RM132.3 billion), which registered a growth of 26 per cent year-on-year. --BERNAMA

X