SP Setia and Sime Darby completed their £400m purchase of Battersea Power Station today.
The Malaysian consortium, which also includes the Employees Provident Fund, will now carry out preparatory work for a first phase of the £8bn development to begin next year.
The consortium also appointed former Treasury Holdings managing director Rob Tincknell as chief executive of the newly formed Battersea Power Station Development Company.
Estates Gazette revealed in June that Tincknell would be brought in by the Malaysians to work on their scheme.
Phase one of the development will consist of multiple residential buildings containing a total of 800 flats and standing above a commercial podium which will include retail, restaurants, gym, pool, spa, theatre and office studios.
A new six-acre park, open to the public, adjacent to the river and directly linking to the 200-acre Battersea Park, will form the setting for the new buildings.
This phase will be self-contained and is designed by Ian Simpson Architects and de Rijke Marsh Morgan in accordance with the Rafael Vinoly masterplan.
SP Setia chief executive Tan Sri Liew Kee Sin, said: “Battersea Power Station is a wonderful building and both it and the centrally located Nine Elms area surrounding it are in need of regeneration.
“As property developers we are very proud to be part of the team that will bring them back to life and ensure they are preserved for future generations.
“With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the Power Station at its heart, creating up to 26,000 new jobs in the process.”
Sime Darby chief executive Dato’ Mohd Bakke Salleh said: “The completion of the sale is an important milestone to have passed in our plans for the regeneration of Battersea Power Station and the surrounding area and we are looking forward to the next step in the process with great enthusiasm.
EPF chief executive Tan Sri Azlan, added: “As a retirement fund and a long-term investor, we are very happy to have a stake in a project with so much potential and are confident that the right ingredients are in place to ensure that this is fully realised.”
Tincknell added: “The unique UK-Malaysian partnership brings with it the financial strength, expertise and commitment necessary to deliver what is one of the capital’s most important and iconic development projects.”
nick.whitten@estatesgazette.com
