PNB, EPF complete acquisition of Battersea Power Station’s commercial assets

The Battersea Power Station will be home to hundreds of shops, restaurants, event spaces, cinemas and residential units by the end of next year. (AFP pic)

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) have finalised their acquisition of the Battersea Power Station’s commercial assets from sellers SP Setia Bhd and Sime Darby Property Bhd following the completion of the ownership reorganisation.

In a statement today, SP Setia Bhd said PNB and EPF acquired the commercial assets for £1.58 million (RM8.51 billion).

PNB owns 65% and EPF 35% of the assets.

The Power Station building accounts for some 2.43ha of the overall 16.99ha regeneration site and is regarded as the jewel in the crown of the project.

“It is currently being restored and will, on completion from end-2020, become home to hundreds of shops, restaurants, cafes, event spaces and cinemas as well as new homes, Apple’s London campus and business members club No18,” it said.

PNB and EPF already own 70% of the entire Battersea Power Station development through their holdings in the original developers and, in the case of EPF, through a direct 20% holding.

The transaction does not affect the shareholdings in Battersea Project Holding Company Ltd, which remain unchanged between SP Setia (40%), Sime Darby Property (40%) and EPF (20%).

Meanwhile, the United Kingdom-based Battersea Development Company and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development.