Malaysian investors to acquire Battersea Power Station

EPF PNB to buy Battersea project for RM8.8 billion

A Malaysian investor has agreed to buy a direct stake in 's landmark Battersea Power Station in a move that values the building at £1.6bn - making it the biggest property deal carried out in the UK.

London's flagship regeneration project, Battersea Power Station, is set to be snapped up for a new United Kingdom record high of £1.6bn.

Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) are looking to buy £1.61 billion worth of commercial assets now developed within Phase 2 of Battersea Power Station project.

Malaysian investors SP Setia Bhd., Sime Darby Bhd. and EPF plan to develop more than 4,300 homes as well as office properties on the wider 42-acre (17-hectare) site.

A BPSDC spokesperson said the building would provide both investors with a unique investment opportunity to own an iconic development in the heart of London.

'With the conclusion of the proposed transaction, BPSDC will remain the active manager of the development.

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The two funds entered into a Head of Terms to with Battersea Phase 2 Holding Company - a wholly-owned unit of Battersea Project Holding Co Ltd which is, in turn, a 40 per cent associated company of SP Setia Bhd - to explore the terms of the potential sale, SP Setia said in a media statement yesterday. "This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained".

Planning documents released previous year revealed that due to rising and unexpected costs of restoring the Grade II listed building, and lower demand for luxury homes, the developers were forecast to make less than half of their original return target.

The first phase of the redevelopment project was officially launched in 2013, with the promised construction of 800 apartments, suites, townhouses and penthouses across eight buildings, as well as art galleries, a Power Station Design shop, independent coffee shops, a boutique theatre, 35,000 sq ft of creative business studios, a 15,000 sq ft gym, an indoor swimming pool and a health spa. Construction work on the building is due for completion in 2020 and about a quarter of the space will be leased to Apple.

The power station generated 20% of London's electricity supply at its peak, until it stopped producing power in 1983.

The project's current affordable housing provision would be unaffected by the proposed deal, the source added, which was slashed from 636 homes to just 386 past year, amounting to 9% of the planned homes in the Battersea Power Station redevelopment project.

Discussions are now at a preliminary stage and a further announcement will be made in regards to the deal moving forward, BPSDC said.

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