A sound footing for ambitious restoration project
Malaysian asset manager Permodalan Nasional Berhad (PNB) and The Employees Provident Fund of Malaysia (EPF) have acquired the commercial assets in the Battersea Power Station regeneration project through a joint venture, the companies announced in a statement yesterday.
The reorganisation of the ownership of commercial assets within the Grade II-listed Power Station has completed with PNB gaining 65 percent of the commercial assets and the retirement savings fund owning 35 percent.
PNB and EPF already own 70 percent of the entire Battersea Power Station development through their holdings in the original developers. In December, Malaysian development firms SP Setia Bhd and Sime Darby Property Bhd sold their stakes in the second phase of the project to PNB and EPF for GBP1.583 billion (USD1.98 billion).
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).
UK-based Battersea Power Station Development Company (BPSDC) and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development.
“We are delighted that this reorganisation has concluded, giving this iconic landmark a sound footing for the future and ensuring it is expertly curated and managed in the longer term,” said Dato’ Ahmad Pardas Senin,chairman of Battersea Project Holding Company Ltd, in a statement.
Built in 1941, Battersea Power Station is being restored to house hundreds of shops, F&B establishments, event spaces, and offices, including Apple’s future London campus and business members’ club No18.
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