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.”
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