A Malaysian consortium comprising Sime Darby Bhd, SP Setia Bhd and the Employees Provident Fund (EPF) has acquired London’s iconic Battersea Power Station for 400 million pounds (about RM1.59 billion).

In a statement in Kuala Lumpur today, they said they signed a joint-venture agreement yesterday in Jersey, Channel Islands to form the Battersea Project Holding Co Ltd (BPHCL).

Sime Darby and SP Setia each has a 40 percent stake in BPHCL and EPF 20 percent.

The joint venture unit will implement the approved master development plan for the Battersea site which was drawn up by award-winning architect Rafael Vinoly.

The plan includes a sustainable mixed development comprising residential and commercial units while the power plant with its iconic chimneys will be conserved and preserved.

The gross development value of the 15-year project is expected to be about 8 billion pounds (RM31.72 billion).

NONE The Battersea Power Station site is located in the heart of London, on the south bank of the River Thames in the vicinity of Westminster.

The 15.64-hectare site is situated in the north-east corner of the London Borough of Wandsworth and represents possibly one of the last few opportunities for such an important development in London.

The parties said the project is expected to see strong capital growth as it will be part of the strategic Vauxhall Nine Elms Battersea Opportunity Area Planning Framework, the largest urban redevelopment area in central London.

An extension of the Northern Line underground network will also transform the area with two new stations within the development.

- Bernama