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Signing of £1.61B asset deal in London Battersea project expected by mid-2018

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Signing of £1.61B asset deal in London Battersea project expected by mid-2018

Malaysian asset manager Permodalan Nasional Bhd., or PNB, is anticipating to sign by mid-2018 a roughly £1.61 billion deal for the purchase of assets included in the second phase of the Battersea Power Station project in London that is being developed jointly by SP Setia Bhd. and Sime Darby Property Bhd., the Nikkei Asian Review reported.

The state-owned fund manager is looking to buy the commercial properties under a partnership with Malaysia's national pension fund, Employees Provident Fund. PNB CEO Abdul Rahman Ahmad told the publication that due diligence on the targeted assets is currently ongoing, noting that the pursuit of the assets is part of PNB's strategy to redeploy capital into other asset classes.

Upon its completion, the 17-hectare mixed-use project will feature more than 4,000 apartments, an underground train station and an office campus for American multinational technology company Apple Inc., the March 29 report noted.

According to an earlier report, PNB already has an indirect interest in Battersea Power Station project as it owns a 55% stake in SP Setia and also has shareholdings in Sime Darby.