Battersea Power Station sold for £400m to Malaysian consortium

London's iconic Battersea Power Station, and the 158,000sqm site on which it sits, has been bought for £400m by a consortium of Malaysian businesses, with not a single British bidder involved in the process.

Battersea Power Station sold for £400m
Battersea Power Station sold for £400m

The consortium, which outbid competition from 15 other interested parties, comprises SP Setia, Sime Darby and the Employees’ Pension Fund of Malaysia.

The deal was managed by Knight Frank and Ernst & Young Real Estate Corporate Finance on behalf of the current owners - the adminstrators of Irish firm Real Estate Opportunties (REO). REO bought Battersea Power Station for £400m in 2006, but whose plans to refurbish it fell through due to bad debt.

Planning consent is already in place for the Grade II-listed building and surrounds - often used to host events - to be redeveloped into 3,500 homes, 1.7 million square feet of office space, hotels and retail units. It will also provide London with two new Underground stations and extensions from the Northern Line.

The process kicked off in February 2012 with an international marketing campaign.

Fergal O’Reilly, director at Ernst & Young Real Estate Corporate Finance, said: "The international marketing campaign has achieved a fantastic result, which some thought unlikely if not impossible, returning a number of highly credible bids from across the globe, and ultimately resulting in an exchange of contracts with the SP Setia consortium. The sale of Battersea Power Station is testament to the continuing draw of London as a centre for global investment."

Stephan Miles-Brown, head of residential development at Knight Frank, added: "Throughout the six-month marketing process, which attracted investors from countries as diverse as Kazakhstan, South Africa, China, Indonesia and Brazil, we enjoyed excellent support and encouragement from all key stakeholders – in particular the London Borough of Wandsworth, the Mayor’s office, Transport for London, and English Heritage."

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
5 ways to bounce back from travel sickness

5 ways to bounce back from travel sickness

Wellness expert John Ayo shares his health tips to make sure you and your event don't have to suffer.

What's the biggest challenge for corporate event planners?

What's the biggest challenge for corporate event planners?

Panel of experts at Cvent Connect examine what will affect in-house event professionals most during the next three years.

Marketing budgets cut for the first time in seven years, says Bellwether Report

Marketing budgets cut for the first time in seven years, says Bellwether Report

Total marketing budgets fell in the third-quarter amid economic and political uncertainty, but outlook for 2020 is positive.

Event agency wins Best Business award

Event agency wins Best Business award

Sleek Events hailed as 'outstanding with year-on-year growth' by Best Business Women Awards.

Case study: Unbound's festival of innovation

Case study: Unbound's festival of innovation

Light Fantastic produced the two-day showcase featuring immersive experiences, hackathons and talks.

The Creative Engagement Group hires three senior creative directors

The Creative Engagement Group hires three senior creative directors

Agency brings in new staff to strengthen its creative team for live experiences, communications, interactive and immersive content.

Why flexible working is vital for parents in events

Why flexible working is vital for parents in events

Modern approaches to work are good for staff wellbeing and business goals, says The Creative Engagement Group's Russ Lidstone.

What are the pros and cons of helicopter travel?

What are the pros and cons of helicopter travel?

A helicopter can help to solve many logistical issues and clients often love them - but keep an eye on the weather.

World Congress of Optometry 2021 set for Melbourne

World Congress of Optometry 2021 set for Melbourne

Eye health professionals bound for Australia to share global knowledge, experience and practices.

Planners reveal the types of food most wasted at events

Planners reveal the types of food most wasted at events

Almost a third of industry professionals admit to wasting a significant amount of food at events, new research reveals.

LATEST JOBS