KUALA LUMPUR — March 14, 2019: Permodalan Nasional Berhad and the Employees Provident Fund have finalised their acquisition of the Battersea power station’s commercial assets from SP Setia Berhad and Sime Darby Property Berhad following the completion of an ownership reorganisation.
In a statement today, SP Setia said PNB and EPF had acquired the assets for £1.58 million (RM8.51 billion), which they own 65 per cent and 35 per cent respectively.
The power station building accounts for 2.43 hectares of the overall 16.99 ha regeneration site and is regarded as the jewel in the crown of the project.
It is currently being restored and will on completion from end-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 already own 70 per cent of the entire Battersea redevelopment through their holdings in the original developers and in the case of EPF, through a direct 20 per cent holding.
The transaction does not affect the shareholdings in Battersea Project Holding Company Ltd., which remain unchanged between SP Setia (40 per cent), Sime Darby Property (40 per cent) and EPF (20 per cent).
The United Kingdom-based Battersea Development Company and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development. — Bernama