Battersea Power Station’s £1.58b deal completes
Battersea Power Station Development Co. has confirmed that the reorganization of the ownership of commercial assets within the Grade II listed Power Station in London has completed.
The shareholders of the commercial assets in the new structure are Malaysian investors, Permodalan Nasional Berhad (PNB), one of the largest asset management companies in Malaysia, and The Employees Provident Fund of Malaysia (EPF). They have acquired the commercial assets in the Power Station through a joint venture, of which they own 65 percent and 35 percent, respectively, for a total purchase price of £1.58 billion ($2.1 billion).
“Significant headway has already been made this year in terms of the restoration works, which we would not have achieved without the support and guidance from our shareholders and stakeholders,” said Simon Murphy, chief executive of BPSDC. “We are excited by the prospect of the Power Station and surrounding area becoming a new, thriving London destination for future generations to enjoy.”
The Power Station building accounts for some six acres of the overall 42-acre regeneration site and is regarded as the jewel in the crown of the project. It is currently being restored and will, on completion from the end of 2020, become home to hundreds of shops, restaurants, cafes, event spaces and cinemas as well as new homes, Apple’s London campus, and business members club, No18.
PNB and EPF, which is Malaysia’s premier retirement savings fund, already own 70 percent of the entire Battersea Power Station development through their holdings in the original developers and in the case of EPF through a direct 20 percent holding. The transaction does not affect the shareholdings in Battersea Project Holding Company Limited, which remain unchanged between S P Setia (40 percent), Sime Darby Property (40 percent) and EPF (20 percent). U.K.-based BPSDC and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development.
The Battersea Power Station project includes 3.5 million square feet of mixed commercial space, together with 4,239 new homes.
Circus West Village is the first phase of the development that opened to the public and residents in 2017 and forms the heart of the neighborhood, providing a mix of new shops and restaurants, as well as an ongoing program of events that have been enjoyed by over 2 million people so far. A new MBNA Thames Clippers River Bus service also commenced last year