Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) have finalised their acquisition of the Battersea Power Station’s commercial assets.

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 S P Setia Bhd and Sime Darby Property Bhd following the completion of the ownership reorganisation.

In a statement today, S P Setia Bhd said PNB and EPF acquired the commercial assets for £1.58 million (RM8.51 billion), which they own 65 per cent and 35 per cent, respectively.

The Power Station building accounts for some 2.43 hectares (ha) of the overall 16.99 ha 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 owned 70 per cent of the entire Battersea Power Station development through their holdings in the original developers and in the case of EPF, through a direct 20 per cent holding.

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

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.

337 reads