Malaysia’s SP Setia, Sime sell stakes in UK power station for $2.01 bln

Malaysian property developer SP Setia and rival Sime Darby Property have divested their stakes in the second phase of UK-based Battersea Power Station to investment firm Permodalan Nasional Bhd (PNB) and pension fund Employees Provident Fund (EPF).

Battersea Phase 2 Holdco, in which Sime Darby Property and SP Setia owned a 40 percent stake each, inked a sale and purchase agreement with PNB-Kwasa International 2, a joint venture (JV) between PNB and EPF.

EPF and PNB will invest about 1.6 billion pounds ($2.01 billion) to buy the commercial assets, giving them ownership in a residential and office development where U.S. technology major Apple plans to have its UK headquarters.

Under the deal, Battersea Phase 2 Holdco, a unit of Malaysia investment holding company Battersea Project Holding Company Ltd., will dispose of the commercial elements of Battersea Power Station building and the move is expected to be completed by the first quarter of 2019.