ATCO sells 42-acre site to City Corporation
ATCO Power Generation, advised by Gerald Eve, has completed the sale of Barking Power Ltd and Thames Power Services Ltd including the Barking Reach Power Station site to the City of London Corporation for an undisclosed sum.
The 42-acre site is located close to the A13 in East London. The City Corporation was selected as the preferred purchaser in November, following a competitive bidding process.
ATCO was part of a consortium that developed the power station in the early 1990s. It bought out its joint venture partners in 2016, with the intention of reconfiguring the facility to increase generating capacity, but subsequently opted to bring the site to market instead. Gerald Eve, which has provided strategic advice to ATCO for some years, was appointed in early summer 2018 to find a buyer.
Mark Trowell, partner at Gerald Eve, added: “The strategic location of the power station made for a highly competitive sales process, but the Corporation’s winning bid was a compelling one. Having advised on the site for some time, it is particularly pleasing to oversee a sale that will shape the face of this corner of London for years to come.”
Gerald Eve represented ATCO; Lambert Smith Hampton advised the City of London Corporation.