Following intense bidding by various parties, the joint bid by SP Setia Berhad and Sime Darby Property Berhad has been identified as the preferred bidder for the Battersea Power Station in London, United Kingdom (Property), by the Joint Administrators and Receivers, Alan Bloom and Alan Hudson of Ernst & Young LLP.
SP Setia and Sime Darby Property have entered into an Exclusivity Agreement with the Joint Administrators and Receivers, on behalf of the owners of the property, to acquire the site for £400 million (approx. 495 million).
SP Setia and Sime Darby Property have a period of up to 28 days to conduct further due diligence and investigations as may be deemed necessary, and to negotiate the contract for the acquisition of the Property on terms and conditions acceptable to the parties. SP Setia and Sime Darby Property were advised by RREEF.
SP Setia and Sime Darby Property's plans involve the development of a sustainable multi-use real estate regeneration project that will provide economic impetus for the creation of a new vibrant center for southwest central London. The plans will preserve the facade of the historical power plant with its iconic chimney stacks.
In addition, the companies have committed to the construction of a new underground station as part of the proposed extension of the Northern Line (part of the London Underground's Tube network) which shall pass by the site. This is viewed as fundamental to the success of this regeneration project.
Source: Sime Darby