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Friday, November 25, 2011

SP Setia denies London deal

Kuala Lumpur: Property developer SP Setia Bhd rebuffed claims that it has agreed terms with Irish group Real Estate Opportunities to take control of London’s landmark Battersea Power Station and fund a RM27.2 billion redevelopment of the site.

It said the lenders to the site, Lloyds Banking Group plc and the National Asset Management Agency, did not intend to engage further on its preliminary offer in a letter dated November 23 this year.

SP Setia, however, said it “still firmly believes that property development prospects in London are positive”.

“Accordingly, the group will continue to look out for and assess other possibilities to invest, via strategic partnerships and landbanking opportunities,in this exciting market,” it said in a reply to a Bursa Malaysia query yesterday.

By Business Times

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