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Friday, July 6, 2012

Battersea project to be worth £8b in 15 years

ICONIC LANDMARK: Sime Darby, SP Setia and EPF, via newly-formed Battersea Project Holding Co Ltd, will develop 15.6ha site into homes, offices and shops

The consortium comprising Sime Darby Bhd, SP Setia Bhd, and Employees Provident Fund (EPF), which bought London’s iconic Battersea power station for £400 million (RM1.97 billion), will redevelop the site to create a gross development value of £8 billion (RM39 billion) over 15 years.

The development of the Battersea Power Station project, which will see its four iconic chimneys preserved, covers an area of 15.64ha, involving homes, offices and shops.

In a statement issued yesterday, the consortium said the project is expected to see strong capital growth as it will be part of the strategic Vauxhall Nine Elms Battersea Opportunity Area Planning Framework, the largest urban redevelopment network area in central London.

The consortium agreed to buy the Battersea plant, Europe’s largest brick building, after its owner failed to pay debts and was put into administration.

A joint-venture agreement was signed between the three parties on Wednesday in Jersey, Channel Islands, to form a company called Battersea Project Holding Co Ltd (BPHCL).

Sime Darby and SP Setia each has a 40 per cent stake in BPHCL, while EPF holds 20 per cent.

BPHCL plans to implement the approved master development plan for the Battersea site, which was drawn up by award-winning architect Rafael Viñoly.

“London is a strategic and important target destination for property investment. As such, the Battersea project represents an excellent opportunity for us and our partners to expand our footprint in a key international market,” said Mohd Bakke Salleh, Sime Darby president and group chief executive.

The Battersea Power Station is located in the heart of London, on the south bank of the River Thames in the vicinity of Westminster.

Last month, about 15 bidders including Chelsea football club, owned by Russian billionaire Roman Abramovich, submitted plans to buy the site, the subject of repeated failed redevelopment attempts since it was closed almost three decades ago.

By Business Times

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