Plans to float London's iconic Battersea Power Station moved forward on Monday after owner Real Estate Opportunities reached an agreement with one of its existing investors.

REO, a London- and Dublin-listed investment fund, in June said it wanted to demerge Battersea Power Station into a separate listed vehicle, in the latest plan to revive the long-dormant 38-acre site. It paid £400m in 2006 to acquire the building and its site from Oriental Property, a vehicle of real estate developer Victor Hwang, but ran out of cash to develop as the value of its portfolio fell by 43% between December 31, 2008, and February 2010.