Malaysia’s PNB, EPF to acquire London’s Battersea building for $2.2b

Battersea Power Building

Malaysia’s savings funds Permodalan Nasional Berhad (PNB) and Employees Provident Fund (EPF) are jointly acquiring the Battersea Power Station building in London for £1.6 billion ($2.2 billion), Battersea Power Station Development Company (BPSDC) confirmed in a statement.

The Battersea Power Station Grade II listed building is currently approximately halfway through a comprehensive refurbishment and reconstruction that will be completed in late 2020.

On completion, the building will be approximately 25 per cent residential use, including over 250 apartments, the majority of which have already been pre-sold. Another 25 per cent is new office space, which has already been pre-let to American IT giant Apple in one of London’s largest ever office pre-lets.

Both PNB and EPF already own 70 per cent of the Battersea Power Station project directly and through their holdings in the current developers, Sime Darby Property Bhd and SP Setia Bhd, BPSDC revealed.

“BPSDC confirms that Battersea Project Holding Company (BPHC) has approved the commencement of an exclusive transaction aimed at reorganising the ownership of The Power Station building to create a long-term asset management and ownership structure,” the company said.

The deal will not affect the shareholdings of Sime Darby Property, SP Setia and EPF in BPHC, which is the holding company of the Battersea project, and 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,” BPSDC said.

The Malaysian shareholders purchased the site in September 2012 and have since made significant progress including the successful completion of the first phase of the development which is now home to over 1,000 residents and a collection of independent retailers and restaurateurs, according to a BPSDC spokesperson.

“The proposed transaction reflects the shareholders’ long-term commitment to Battersea and London,” the spokesperson said.

The five-year project is the largest historic building project ever undertaken in the UK and when finished, will become the heart of the wider 42-acre mixed-use scheme.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.