Setia confirmed as £400m Battersea buyer

Malaysian investors SP Setia and Sime Darby Property have this morning confirmed that they are the preferred bidders for Battersea Power Station in south London.

The pair have today entered into an exclusivity agreement with the Ernst & Young, the administrators and receivers, to buy the site for £400m.

They have 28 days to conduct further due diligence and investigations as may be deemed necessary, and to negotiate the contract for the acquisition of the property on terms and conditions acceptable to the parties.

SP Setia and Sime Darby Property said that their plans “involve the development of a sustainable multi use real estate regeneration project that will provide economic impetus for the creation of a new vibrant centre for south-west central London”.

They added: “The plans will preserve the facade of the historical power plant with its iconic chimney stacks. In addition, the companies have committed to the construction of a new underground station as part of the proposed extension of the Northern Line which shall pass by the site. This is viewed as fundamental to the success of this regeneration project.”

samantha.mcclary@estatesgazette.com