Fri, 19 Jan 2018 | COMMERCIAL PROPERTY
London Thameside landmark Battersea Power Station is being sold in a deal worth some GBP£1.6bn.
The news that the Employees Provident Fund of Malaysia, together with the Permodalan Nasional Berhad Malaysia wealth fund is buying the prime real estate has been welcomed as one of the UK's largest ever property deals.
Although there were some concerns that the deal was being made in response to financial problems with the power station's regeneration project, sources claim this is not the case. Instead, the decision from the Malaysia buyers has been prompted by the news that Apple is going to operate its UK headquarters from the building from 2021.
The regeneration project is currently seeing the decommissioned coal-fired power station turned into a mixed-use premises, including 250 apartments, retail units, leisure and commercial spaces.
The Battersea Power Station Development Company (BPSDC) said that the deal presented a "unique investment opportunity" for the Malaysian buyers. It added: “With the conclusion of the proposed transaction, BPSDC will remain the active manager of the development. This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained.”
The developers involved in the project will be welcoming the cash from the Malaysian investors in light of recent rising construction costs linked to the fall in value of the Pound Sterling. The project has also been blighted by difficulties in sourcing skilled labour, which could also be a result of the Brexit vote.
The wider Battersea construction project has attracted some controversy after slashing the number of affordable homes it was offering by almost half, to just 9 per cent of the total number of homes being built.
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