Battersea Power Station sold for £400 million

Joint sales advisers, Knight Frank and Ernst & Young Real Estate Corporate Finance, announce today the exchange of contracts of the 39.1-acre Battersea Power Station site, the last significant piece of prime central London remaining for redevelopment. Following a global marketing process that started in February 2012 and covered all major world wealth centres, a consortium comprising SP Setia, Sime Darby and the Employees’ Pension Fund of Malaysia have exchanged contracts on the site for £400m.

Fergal O’Reilly, director at joint agent Ernst & Young Real Estate Corporate Finance, says, “The international marketing campaign has achieved a fantastic result, which some thought unlikely if not impossible, returning a number of highly credible bids from across the globe, and ultimately resulting in an exchange of contracts with the SP Setia consortium. The sale of Battersea Power Station (BPS) is testament to the continuing draw of London as a centre for global investment.”

The current planning consent has provision for 3,500 homes and 1.7 million square feet of office space, as well as for hotel and retail units. It will also provide London with two new Underground stations, extensions from the Northern line.