MALAYSIAN NOW LEGAL OWNER PROJECT IN LONDON

REDEVELOPED ....The former Battersea Power Station, which is to be redeveloped into retail units and housing is seen in London, September 5, 2012.

LONDON : The joint-venture consortium, comprising SP Setia Bhd, Sime Darby Bhd and Employees Provident Fund (EPF), has completed the acquisition of the iconic 15.8-hectare Battersea Power Station project which has a gross development value of £8 billion (RM39.66 billion).

The regeneration project, which overlooks the River Thames in Central London, will be Sime Darby’s and SP Setia’s major international property development project.

The project will feature 3,400 new homes, 160,000 sq metres of new office space, 56,000 sq metres of retail and nine hectares of public parks and spaces.

It will also involved the proposed London Northern Line underground extension in which the consortium is required to contribute to the infrastructure development in London.

SP Setia president/chief executive officer, Liew Kee Sin, said the consortium has become the legal owner as of Sept 4 (London time).

“We have paid the £400 million, with the £300 million obtained from CIMB Bank as bridging loan.

“When we completed the purchase of the land we also own the rights to the development of the project,” he told Malaysian journalists during the familiarisation tour yesterday.

Sime Darby’s president/group chief executive, Datuk Mohd Bakke Salleh, said with almost 30 years of experience in property development Sime was delighted to be part of the team working on this iconic project.

“The completion of the sale is an important milestone and we are looking forward to the next step in the process with great enthusiasm. The future of the power station, both as a London landmark and the central focus of the ongoing revitalisation of the area, has never looked brighter,” he said.

EPF’s chief executive officer, Tan Sri Azlan Zainol, said the fund was happy to have a stake in a project which has so much potential.

Rob Tincknell, chief executive officer of Battersea Power Station Development Co (BPSDC), said the completion of the sale of Battersea Power Station was a significant step in the successful redevelopment of the site and wider area.

“Work can now begin on the creation of a new town centre,” he said.

Meanwhile, a media release here said construction on the site was primed to begin now that the sale of the site has been completed.

Phase One of the development will consist of multiple residential buildings containing a total of 800 apartments and standing above a commercial podium which will include retail, restaurants, gym, pool, spa, theatre and office studios.

A new 2.4ha public park, adjacent to the river and directly linking to the 80ha Battersea Park next-door, will form the setting for the new buildings.

Phase one of the development is expected to be completed in 2016.

The development will create about 26,000 jobs, both through direct and indirect employment, and training opportunities supported by a local employment agreement. (Bernama)