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KUCHING: Sime Darby Property Bhd’s (SimeProp) move to sell Battersea Power Station phase 2 (BPS2) commercial spaces (The Power Station building) to Pemodalan Nasional Bhd (PNB) and Employees Provident Fund Board (EPF) garnered positive views from analysts. In a filing to Bursa Malaysia, SimeProp announced that Battersea Phase 2 HoldCo, an indirect 40 per cent […]
KUALA LUMPUR, Jan 19 — The decision to possibly buy commercial assets in Phase 2 of the Battersea Power Station development was undertaken independently without any government intervention, said the Employees Provident Fund (EPF) and Permodalan…
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SHAH ALAM: Permodalan Nasional Bhd (PNB) and the Employees Provident Fund, (EPF) long-term investors in the Battersea Power Station project in London, have shown interest in taking over the commercial assets being developed by Battersea Phase 2 Holding Co Ltd for £1.61 billion (RM8.8 billion).
Today, Sime Darby Property Bhd and SP Setia Bhd, both 40% interest holders in Battersea Phase 2, announced that Battersea Phase 2 Holding had entered into a heads of agreements with PNB and EPF to explore the terms of a potential sale on completion of the commercial assets currently being developed within Phase 2 of Battersea Power Station project, to a joint venture company to be formed between PNB and EPF.
Battersea Phase 2 Holding Co is a wholly owned subsidiary of Battersea Project Holding Co Ltd.
PNB and EPF expressed their interest to explore the transaction following strong progress made to date in Phase 2 with over 90% of residential units having been presold and the letting of the entire office space in the Power Station Building (about 470,000 sq ft) to Apple.
Sime Darby Property said in its statement the proposed transaction would provide increased certainty of investment return to Sime Darby Property and SP Setia as development partners earlier than would otherwise be the case, and enable both parties to focus on securing the development profit and investment returns from the remainder development in Phases 3 to 7 of the Battersea Power Station, which is estimated to be completed in 2028.
“The proposed transaction, once completed, would augur well with our business plans as it will enhance our investment returns and allow SP Setia to capitalise on arising opportunities as a property developer while continuing to play a significant role in the overall development of the project,” SP Setia said in a statement.
It added that the proposed transaction demonstrates the strong direct commitment by the ultimate institutional shareholders in the project.
The shareholdings in Battersea Project Holding will remain unchanged between Sime Darby Property, SP Setia and EPF. SP Setia remains committed to and is positive on the long-term prospects of the Battersea Power Station project.
Phase 1 (known as Circus West Village), which consists of 12 residential blocks and 100,000 sq ft of high-quality restaurants, shops, offices and leisure accommodation was handed over to the purchasers and tenants over the course of last year.
The Battersea Power Station project covers 42 acres and includes 3.5 million sq ft of mixed commercial space, together with 4,364 new homes.
A Singapore dollar note is seen in this illustration photo May 31, 2017. — Reuters pic SINGAPORE, Jan 18 — Most Asian currencies weakened today, with the dollar gaining after European Central Bank officials voiced concerns about euro strength and Apple Inc said it planned to repatriate billions of dollars to the United States. The dollar index against a basket of six major currencies was up 0.3 per cent at 90.840, getting some respite after slipping to three-year lows. The euro nursed losses today, after slipping overnight on ECB policymakerRead More
SINGAPORE, Jan 18 — Most Asian currencies weakened today, with the dollar gaining after European Central Bank officials voiced concerns about euro strength and Apple Inc said it planned to repatriate billions of dollars to the United States….
KUALA LUMPUR, Jan 18 — Bursa Malaysia ended the morning session lower today on continued profit-taking in selected heavyweights, industrial product and consumer counters, despite firmer Asian markets, dealers said. At 12.30pm, the key FTSE…