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Malaysian JV signs £1.6B deal for commercial assets in Battersea London project

After months of talks, Malaysian asset manager Permodalan Nasional Bhd. and state pension fund Employees Provident Fund Board signed a deal to purchase the commercial elements in the second phase of the Battersea Power Station project in London for a base amount of £1.58 billion.

Under the agreement, the buyers' PNB-Kwasa International 2 Ltd. joint venture company will purchase the assets from Battersea Phase 2 Holdco., a subsidiary of Battersea Project Holding Co., which is owned 40%, 40% and 20%, respectively, by SP Setia Bhd., Sime Darby Property Bhd. and the pension fund.

The transaction is expected to be completed in the first quarter of 2019, SP Setia and Sime Darby said in a joint release.

The Battersea Power Station building is scheduled to open in 2021, with about 1 million square feet of commercial space, over half of which has already been let to Apple Inc. and IWG PLC's No18 business members club.

London-based Battersea Power Station Development Co. Ltd. will continue to manage the project, while its subsidiaries, Battersea Power Station Asset Management Ltd. and Battersea Power Station Estate Management Ltd., will serve as asset manager and property manager for an initial 10-year term following practical completion of the building.

The wider 42-acre project is set to be delivered across a total of seven phases. A total of 867 residential units have already been delivered under the initial phase of the project.