Long-term ownership of Battersea Power Station agreed
The Malaysian consortium redeveloping London’s Battersea Power Station has brought in new owners for the scheme’s commercial element in a £1.583bn deal. Battersea phase 2, comprising 500,000 sq ft of offices pre-let to Apple and 500,000 sq ft of retail and leisure within the shell of the former power station, will be owned long term by Permodalan Nasional Berhad (PNB) – Malaysia’s £50bn sovereign wealth fund – and The Employees Provident Fund Board of Malaysia (EPF).
The remaining 36 acres of the 42-acre Thames-side site will continue to be developed out by the original consortium comprising SP Setia (40%), Sime Darby Property (40%) and EPF (20%). Already 1,000 of the planned 4,000 apartments with ground floor retail and leisure uses have been completed and sold.
The offices and shopping centre are due for completion in late 2020/early 2021 when the site will become connected to the London underground network with its own tube station on the Northern Line.