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SP Setia, Sime Darby win Battersea bid
Jun 08, 2012
Reflecting the growing global reach of Malaysian companies, a consortium formed by SP Setia and Sime Darby has acquired London's Battersea Power Station for RM2 billion, outbidding a host of rivals for the coveted site.
"SP Setia and Sime Darby Property have today entered into an exclusivity agreement with the joint administrators and receivers, on behalf of the owners of the property, to acquire the site for £400 million or approximately RM2 billion," said the companies in a joint statement.
Sime Darby and SP Setia have beaten other firms including Roman Abramovich, the owner of the Chelsea Football Club and Malaysia's Pilgrims' Fund Management Board.
The companies "have a period of up to 28 days to conduct further due diligence and investigations as may be deemed necessary and to negotiate the contract for the acquisition of the property on terms and conditions acceptable to the parties."
The 80-year-old Battersea Power Station, which was mothballed in 1983, was featured heavily in English pop culture, such as the album artwork of Pink Floyd and The Beatles.
According to Sime Darby Property and SP Setia, they intend to develop the site into a "sustainable multi-use real estate regeneration project that will provide economic impetus for the creation of a new vibrant centre for south-west central London".
The developers also plans to build a new underground station and preserve the front of the historical building including its iconic chimney stacks.