Fri, 06 Jul 2012 | BUSINESS SALE
London’s iconic Battersea Power Station has finally entered new ownership after a Malaysian consortium paid £400 million for the site.
Lloyds Banking Group sent the empty site into administration back in December 2011 in an effort to secure new funding. Its Irish owners Real Estate Opportunities had owed creditors over £500 million.
Agents had been seeking a buyer for the power station since January this year. It was estimated at the time that the price tag would be up to £500 million.
The new owners - Malaysian developers SP Setia and Sime Darby and the Employees Pension Fund of Malaysia - now have a 15-year project to change the building and surrounding land into shops, offices and housing worth £8 billion.
There were no UK-based bidders for the listed property. Bids came from several countries including China, South Africa and Brazil.
Mr Miles-Brown of Knight Frank commented, “Apart from Chelsea Football Club via [property tycoon Mike Hussey’s] Almacantar, it was a bit disappointing that no UK developer, housebuilder or institution was in there at the end. On the other hand it’s good to see that London can attract foreign capital.”
Previous story - Agents appointed to sell Battersea Power Station
The company provides UK-wide distribution solutions, specialising in Hiab hire and transporting cargo that requires ADR certification. The business utilises its proficient drivers and fleet to effectively collect and distribute goods of all sizes, in...
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
This reputable company is a leading supplier and installer of commercial flooring and hygienic wall cladding, known for its strong relationships and premier installer status with a market-leading manufacturer. With a broad range of installation solut...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.