Battersea Power Station
Phase 1 Launch
Press Release
Presentations
Introduction
A Malaysian consortium comprising Sime Darby Berhad, S P Setia Berhad and the Employees
Provident Fund (EPF) have acquired London’s iconic Battersea Power Station
for £400 million.
The three parties formally entered into a joint venture agreement on Wednesday,
4 July 2012, in Jersey, Channel Islands to form the Battersea Project Holding Company
Limited (BPHCL). Sime Darby and SP Setia each has a 40% stake in BPHCL, while the
EPF has the remaining 20%. BPHCL’s wholly owned subsidiary Battersea Project
Land Company Ltd subsequently signed the sale and purchase agreement with the Joint
Administrators and Receivers, Alan Bloom and Alan Hudson of Ernst & Young LLP
(“EY”).
BPHCL plans to implement the approved master development plan for the Battersea
site which was drawn up by award-winning architect Rafael Viñoly. The plan
includes a sustainable mixed development comprising residential and commercial units
while the power plant with its iconic chimneys will be conserved and preserved.
The Gross Development Value (GDV) of the 15-year project is expected to be approximately
£8 billion.
The project is expected to see strong capital growth as it will be part of the strategic
Vauxhall Nine Elms Battersea Opportunity Area Planning Framework, the largest urban
redevelopment area in central London. An extension of the Northern Line underground
network will also transform the area with two new stations within the development.
The Battersea Power Station site is located in the heart of London, on the south
bank of the River Thames in the vicinity of Westminster. The 39.1 acre site is situated
in the north east corner of the London Borough of Wandsworth and represents possibly
one of the last few opportunities for such an important development in London.
Both S P Setia and Sime Darby are Gold Winners in the Reader’s Digest Trusted
Brands Award for two consecutive years since 2011. The award is voted by consumers
across eight markets covering 43 categories in each market to find out which brands
consumers trust. The EPF is Malaysia’s largest pension fund. It is also the
world’s ninth biggest pension fund in 2010 according to a Towers Watson report.
With investment assets of RM489 billion as at 31 March 2012, it has increased its
exposure in real estate by investing with best in class property groups.
About Nine Elms
www.nineelmslondon.com
Vauxhall Nine Elms Battersea Opportunity Area is the last greatest single prospects
for regeneration in central London.
Choice Location
- 204 acres with 1 mile of River Thames frontage in the vicinity of Westminster
- New culture center for London
Strong Growth Potential
- Estimated new gross area of 22 million sq ft providing 16,740 new homes, commercial
place for 27,000 new employees
- Total estimated new population of 40,500
Approvals Granted
- 10 land owners with planning permission either granted or application made
About Battersea Power Station
The Battersea Power Station Regeneration will be Sime Darby Property’s biggest
international development
- 39 acres of freehold land
- GDV of £8 billion
- Land cost of £400 million is only 5% of the GDV
- Mixed Development (57% Residential, 43% Commercial)
- SPA signed on 4th July 2012
Before
After
Extension of the Northern Line will be a Catalyst to Battersea's Growth
- 2 new stations (Battersea and Nine Elms station) will connect Nine Elms to the London
Underground network from Kennington. This will create a direct link from Nine Elms
to Westminster (8 minutes), The City (12 minutes) and Leicester Square (14 minutes)
- The route has been finalized and the extension is expected to be operational in
2018/19
- Also new Riverbus service, buses and refurbished overground stations create a new
transportation hub at the Power Station
Videos
Battersea Power Station: Architect Rafael Vinoly shares his vision
Battersea Power Station - Location
Battersea Power Station - Icon
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