Malaysian investors buy £1.6bn stake in Battersea Power Station scheme
Battersea Power Station Development Company has agreed to sell the commercial properties in phase two of the iconic London building to Malaysian investors for £1.6bn.
The deal includes the power station building itself, which accounts for six acres of the overall 42-acre development.
The company has sold the assets to PNB-Kwasa International 2, a joint venture company formed by PNB and EPF.
Battersea Power Station Development Company has agreed to sell the commercial properties in phase two of the iconic London building to Malaysian investors for £1.6bn.
The deal includes the power station building itself, which accounts for six acres of the overall 42-acre development.
The company has sold the assets to PNB-Kwasa International 2, a joint venture company formed by PNB and EPF.
PNB and EPF already own 70% of the Battersea Power Station development through their holdings in the current developers and, in the case of EPF, through a direct 20% holding.
The transaction is expected to complete in Q1 2019.
The transaction will not affect the shareholdings in Battersea Project Holding Company, which remain unchanged between S P Setia (40%), Sime Darby Property (40%) and EPF (20%).
BPSDC remains the development, estate and asset manager for all phases of the development.
The restoration of the power station building is due for completion in late 2020.
Of the 1m sq ft of commercial space available in the power station, more than 50% has already been let to Apple for its new London campus and to No18, a business members’ club owned by IWG.
Datuk Wong, chairman of BPSDC, said: “This transaction is a further sign of Malaysia’s long-term commitment to Battersea Power Station. We are incredibly proud to be stewards of this iconic project. There is a real momentum on site and we look forward to working with all our partners to complete this significant redevelopment.”
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