The Malaysian consortium which agreed to buy Battersea Power Station in central London last month for £400 mln (EUR 505 mln) has completed the deal, opening the way for the start of its redevelopment later this year.
The Malaysian consortium which agreed to buy Battersea Power Station in central London last month for £400 mln (EUR 505 mln) has completed the deal, opening the way for the start of its redevelopment later this year.
The consortium comprises listed Malaysian property developer SP Setia, conglomerate Sime Darby and the Employees' Pension Fund of Malaysia.
Knight Frank and Ernst & Young Real Estate Corporate Finance jointly advised on the sale of the 16-hectare site, which they described as the last significant piece of prime central London remaining for redevelopment.
Preparatory work for the project to build 3,500 homes, 160,000 m2 of office space, retail units and a park is due to begin this year, with ground set to be broken in the second half of 2013. The redevelopment will also provide London with two new Underground stations, extensions from the Northern line.
The search for a buyer for the site began last February after creditors Lloyds Bank and Ireland's asset agency NAMA took control of the asset and appointed administrators. London-listed Real Estate Opportunities (REO) had acquired the site in 2006. By December last year REO held a 54% stake in the asset but was unable to meet debt repayment demands.
