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.

White nationalist won't speak on Kent State anniversary
Spencer spoke at the rally, which later turned violent, with clashes between the white nationalists and counter protesters. The next day, a woman died in Charlottesville after a white nationalist drove into a crowd of counterprotesters.

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.

Related news:

Hot News

Brookdale Senior Living Inc. (NYSE:BKD) Sees Unusual Volume Mid-Session
Jan 19, 2018 - 04:53
Bank Hapoalim Bm increased First Tr Nasdaq100 Tech Inde (QTEC) stake by 5,245 shares to 37,140 valued at $2.53M in 2017Q3. It dropped, as 61 investors sold MET shares while 336 reduced holdings. 44 funds opened positions while 86 raised stakes.

isis-killer-beheading-video-story-top Tony Ferguson Vs Khabib Nurmagomedov Officially Announced For UFC 223
Jan 19, 2018 - 04:45
The word on the e-streets is that the UFC Plans To Strip Conor McGregor Of The Lightweight Title. With the win, McGregor became the first same-time double champion in UFC history.

President Trump Makes Appearance At White House Women's Event
Jan 19, 2018 - 04:43
Trump issued a fresh denial on Monday, saying: "Senator Dicky Durbin totally misrepresented what was said at the DACA meeting". Three other people who were in the room have remained silent. "I get more exercise than people think".

isis-killer-beheading-video-story-top Djokovic breaks silence on Aus Open bombshell
Jan 19, 2018 - 04:40
Federer went on to win Wimbledon for his 19th major and finished the year ranked No. 2 behind Nadal, who won the French and U.S. Gunning for a seventh Australian Open title, he was glad to be back at the coal face, having missed the competitive edge.

isis-killer-beheading-video-story-top AFC Championship 2018 odds: New England the big betting favorite against Jacksonville
Jan 19, 2018 - 04:36
As a result, offensive coordinator Josh McDaniels and defensive coordinator Matt Patricia will be head coaches next year. But everything that should have happened didn't happen (with the exception of the Patriots demolishing the Titans ).

isis-killer-beheading-video-story-top Pundits question VAR system following controversial FA Cup clash
Jan 19, 2018 - 04:23
Chelsea manager, Antonio Conte has explained why he was angry with striker, Alvaro Morata after their victory against Norwich . Not from the referee on the pitch, but from the person watching the game (Mike Jones, the VAR at Stockley Park).

isis-killer-beheading-video-story-top House Intel Panel Votes To Release Its Fusion GPS Transcript
Jan 19, 2018 - 04:23
The FBI probe was taken over by Special Counsel Robert Mueller after Trump fired the agency's director, James Comey. The transcript was expected to be released later Thursday.

isis-killer-beheading-video-story-top Kim and Kris Kardashian Win Big in Court Against Blac Chyna
Jan 19, 2018 - 04:22
Rob and Chyna started dating in January 2016 - the same they got engaged and also welcomed their daughter Dream, now 13 months. Explaining his decision, he said that it was unlikely E! would shy away from producing a show featuring a bad mother.

isis-killer-beheading-video-story-top Storm disrupts flights, kills in Netherlands, Germany
Jan 19, 2018 - 04:21
In the Bavarian alps, the strong gales forced the cancellation of a ski world championship qualifier at Oberstdorf. Dutch insurers warned that the bill for Thursday's storm damage could top 10 million euros (US$12.25 million).

isis-killer-beheading-video-story-top Yes Bank Q3 profits rise by 22% to Rs1076.87 crore
Jan 19, 2018 - 04:04
Yes Bank saw its net profit rise 22 per cent year-on-year at Rs 1,076.7 crore during the third quarter of the current fiscal. Shares of Yes Bank fell 0.66% to Rs340.25 on BSE, while the exchange's benchmark Sensex rose 0.51% to 35,260.29 points.

isis-killer-beheading-video-story-top Durbin: Trump admin 'sandbagged' him on immigration deal
Jan 19, 2018 - 04:03
In a hearing Tuesday, Graham said Trump expressed openness to an immigration deal, only to reject it hours later. Trump reportedly said, "Why do we need more Haitians?" according to people familiar with the meeting.

isis-killer-beheading-video-story-top Larger and lighter 2019 Ram 1500 premieres at NAIAS in Detroit
Jan 19, 2018 - 04:02
FCA introduced the truck-the flagship model of its Ram brand- at the North American International Auto Show in Detroit . All told, Fiat Chrysler is rolling out the new model with six trims, all with unique interior styling.

Cognizant Technology Solutions Corp (CTSH) CFO Sells $942125.00 in Stock
Jan 19, 2018 - 04:01
The stock decreased 0.28% or $0.11 during the last trading session, reaching $39.64. 2,224,946 shares of the company traded hands. Minneapolis Management Grp Inc Ltd Liability Corp reported 397,568 shares. 1St Source Fincl Bank stated it has 19,396 shares.

isis-killer-beheading-video-story-top President's Aides Debate Which Version of Vulgarity Trump Uttered
Jan 19, 2018 - 03:57
The White House has not denied that Trump said "s--hole" though Trump has already pushed back on some depictions of the meeting. It said it would ask the second-in-charge of the USA embassy to explain Trump's comments on Monday.

isis-killer-beheading-video-story-top Facebook appoints American Express CEO to board of directors
Jan 19, 2018 - 03:55
Facebook COO Sheryl Sandberg recently announced that she was Disney's board of directors for that same reason. Chenault graduated from Bowdoin College with a history and earned a J.D. from Harvard Law School.