Battersea Power Station
Development Company (BPSDC) has completed the re-organisation of the
ownership of the commercial assets within the power station.
The shareholders of the
commercial assets in the new structure are Malaysian asset management company
Permodalan Nasional Berhad (PNB) with 65% and The Employees Provident Fund of
Malaysia (EPF) with 35%. The assets were acquired for £1,583m. PNB and EPF
already own 70% of the development through their holdings in the original
developers and in the case of EPF a direct 20% holding.
Datuk Wong Tuck Wai,
Chairman of BPSDC, said: “The closure of this transaction marks a significant
milestone for all parties involved as it allows the parties to focus on what they
do best respectively and specifically enhance the roles each plays in the
overall Battersea project.”
The reorganisation perhaps illustrates what a financially demanding and complex project this is proving to be. Once complete in, it is anticipated 2020, the power station site will encompass shops, restaurants, cafes, event spaces, a cinema and homes as well as Apple’s London campus.
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