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Report: Malaysian backers of Battersea phase 2 project seek £1.5B loan

Malaysia's Employees Provident Fund Board and state-owned asset manager Permodalan Nasional Bhd. are seeking bank loans amounting to an estimated £1.5 billion, Bloomberg News reported, citing people with knowledge of the matter.

The pair will reportedly use the money for debt refinancing and for the settlement of their roughly £1.61 billion deal with an affiliate of SP Setia Bhd. for the purchase of commercial assets being developed within the second phase of the Battersea Power Station project in London.

The 42-acre integrated project is jointly developed by SP Setia and Sime Darby Property Bhd. According to the May 22 report, it will house Apple Inc.'s London headquarters and will include a 3.5-million-square-foot mixed commercial space and 4,364 new homes upon its expected late 2020 completion.