|14 March, 2019

Acquisition of Battersea power station's commercial assets by long-term owner successfully completed

The transaction demonstrates the continued commitment from its shareholders and secures the future of the iconic building for generations to come.

Acquisition of Battersea power station's commercial assets by long-term owner successfully completed

Battersea Power Station Development Company (BPSDC) is pleased to confirm that the re-organisation of the ownership of commercial assets within the Grade II* listed Power Station has now completed. The transaction demonstrates the continued commitment from its shareholders and secures the future of the iconic building for generations to come.

The shareholders of the commercial assets in the new structure are Malaysian investors, Permodalan Nasional Berhad (PNB), one of the largest asset management companies in Malaysia and The Employees Provident Fund of Malaysia (EPF). They have acquired the commercial assets in the Power Station through a joint venture, of which they own 65% and 35% respectively, for a total purchase price of £1,583 million.

The Power Station building accounts for some six acres of the overall 42-acre regeneration site and is regarded as the jewel in the crown of the project. It is currently being restored and will, on completion from the end of 2020, become home to hundreds of shops, restaurants, cafes, event spaces and cinemas as well as new homes, Apple’s London campus and business members club, No18. 


PNB and EPF, which is Malaysia’s premier retirement savings fund, already own 70% of the entire Battersea Power Station development through their holdings in the original developers and in the case of EPF through a direct 20% holding. The transaction does not affect the shareholdings in Battersea Project Holding Company Limited, which remain unchanged between S P Setia (40%), Sime Darby Property (40%) and EPF (20%).  UK-based BPSDC and its subsidiaries will continue as the development, estate and asset manager for all phases of the overall development.

All shareholders are committed to the development and are positive on its long-term prospects. 

Commenting on the completion, Dato’ Ahmad Pardas Senin, Chairman of Battersea Project Holding Company Ltd, said: 

“We are delighted that this reorganisation has concluded, giving this iconic landmark a sound footing for the future and ensuring it is expertly curated and managed in the longer term.”  

Datuk Wong Tuck Wai, Chairman of BPSDC, added: 

 “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.” 

Simon Murphy, Chief Executive of BPSDC, continued: 

“Significant headway has already been made this year in terms of the restoration works which we would not have achieved without the support and guidance from our shareholders and stakeholders. We are excited by the prospect of the Power Station and surrounding area becoming a new, thriving London destination for future generations to enjoy.”


About PNB

Permodalan Nasional Berhad (PNB) is Malaysia’s leading fund management company with assets under management of over £55 billion. PNB's portfolio covers strategic investments in leading Malaysian corporates, global equity, private investments and real estate, including majority stakes in S P Setia and Sime Darby Property which jointly own 80% equity in the wider Battersea Power Station development.

About EPF

The Employees Provident Fund of Malaysia (EPF) is among the oldest and largest retirement savings funds in the world, with assets under management of over £140bn. It directly owns 20% of the wider Battersea Power Station development.

About Sime Darby Property Bhd

Sime Darby Property is a Malaysia-based real estate company that has a successful track record of developing sustainable communities. It has built various townships/developments with a global reach that encompasses assets and operations across the Asia Pacific region and the United Kingdom. Sime Darby Property directly owns 40% of the wider Battersea Power Station development.

About S P Setia Bhd

S P Setia Berhad is one of Malaysia’s leading listed real estate player with a portfolio that encompasses new towns, eco-sanctuaries, luxury enclaves, high-rise residences, integrated commercial and retail developments. S P Setia directly owns 40% of the wider Battersea Power Station development. 

About Battersea Power Station: 

  • Battersea Power Station is one of central London’s largest, most visionary and eagerly anticipated new town centres in which roughly half the development will consist of shops, restaurants and office space. In addition, there will be a six-acre public park, a town square and a new tube station (scheduled to be within Zone 1).
  • The Battersea Power Station project covers 42 acres and includes 3.5m sq ft of mixed commercial space, together with 4,239 new homes.
  • The successful regeneration of Battersea Power Station will create 20,000 new jobs, inject £20bn into the UK economy and create a funding mechanism for the first major tube line extension since the Millennium. A new NHS medical facility is also being built.
  • Circus West Village is the first phase of the development that opened to the public and residents in 2017 and forms the heart of the neighbourhood, providing a mix of new shops and restaurants, as well as an ongoing programme of events that have been enjoyed by over two million people so far. A new MBNA Thames Clippers River Bus service also commenced last year
  • The Battersea Academy of Skills Excellence (BASE), the development company’s bespoke jobs and training service created for those living locally, was launched in 2016.  It is focused on matching people with jobs at Battersea as well as providing training relevant to the job pipeline at the development.
  • The wider Battersea Power Station development is owned by a consortium of Malaysian investors comprised of S P Setia (40%), Sime Darby Property (40%) and The Employees’ Provident Fund (20%), with the commercial assets within the Power Station building now being directly owned by Permodalan Nasional Berhad (PNB) and EPF.
  • Management of the development is being undertaken by the British-based Battersea Power Station Development Company.


© Press Release 2019

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