NAMA AND LLOYDS Banking Group are to sell the Battersea Power Station on the banks of the Thames in London to two Malaysian property companies for £400 million (€494.7 million). The site had been owned by Irish developer Treasury Holdings.
In a joint statement issued today, SP Setia and Sime Darby Property said that their bid has been identified as the preferred bid for the Battersea site.
The companies beat rival bidder Chelsea Football Club which had considered moving its stadium to the 15-hectare Battersea 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,” the companies said.
“S P Setia and Sime Darby Property 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 joint bidders plan to redevelop the site into a “multi-use real estate regeneration project” which includes the preservation of the power plant’s facade and its chimney stacks.
The iconic building is among the properties listed on the British government’s Statutory List of Buildings of Special Architectural or Historic Interest. It is designated as a Grade II building, meaning that it is a building of more than special interest.
The companies have also committed to constructing a new underground station as part of an extension of the London Underground’s Northern Line which will pass by the site.