Battersea Power Station Ownership Reorg Completes

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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Source BPSDC
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