Battersea Project Holding Company Ltd, has approved the proposed transaction involving The Power Station building.
According to the statement by the company, the proposed transaction is to reorganise the ownership of The Battersea Power Station’s Commercial Property under Permodalan Nasional Berhad (PNB), and Employees Provident Fund (EPF) who are long-term investors while Sime Darby Property and SP Setia are principally property developers.
The Power Station’s Commercial Property represents Phase 2 of the enlarged Battersea Power Station rejuvenation project.
PNB and EPF expressed their interest in exploring the transaction following strong progress made to date under Phase 2 with over 90% of residential units have been pre-sold and the letting of the entire office space in the Power Station Building (approximately 470,000 sq ft) to Apple Inc.
The proposed transaction would provide increased certainty of investment return to Sime Darby Property and SP Setia as development partners earlier than would otherwise be the case and would enable both parties to focus on securing the development profit and investment returns from the remainder development in Phases 3 to 7 of the Battersea Power Station which is estimated to be completed in 2028.
The proposed transaction is subject to certain conditions which are to be satisfied, including but not limited to, PNB and EPF conducting and being satisfied with the results of the due diligence and the requisite approvals being obtained.
“Overall, the BPS development is showing excellent progress. Residents started to move into Circus West, the first phase of the redevelopment of BPS, in early 2017 and continue to do so.
“Circus West Village, the neighbourhood centre for Phase 1 of the development, opened to the public shortly after, and since then more than 500,000 people have visited to enjoy the ongoing programme of events and the new shops and restaurants,” according to the statement released by the company.
The Electric Boulevard (Phase 3), the main gateway to the entire development, will have 40 retail units and ten cafes and restaurants. Apart from 1,218 new homes, there will be hospitality and high-end amenities. Battersea Project Holding Ltd is a 40% associate company of Sime Darby Property Bhd.