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.
Very long established and profitable wholesale business. There is a healthy base of active repeat clients and the business has an excellent reputation. The location and premises suit the business perfectly with a small sales office, and a third party...
Extremely successful & exciting entertainment Business, the highest review rated of our kind in the World. Performing to over 600 events this year and growing you will find a fast growing business to take to an even higher level. Looking for somethi...
WEB-BASED
Long established motorcycle business. For over 25 years this highly regarded motorcycle training brand has offered training and testing services for motorcycles. The business is also a successful branded franchise dealer. They sell a well-known brand...
|
16
|
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources