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The transaction is expected to be completed in the first quarter of 2019, according to a statement.
PNB-Kwasa International 2 is a joint venture by Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF).
Battersea Phase 2 Holding Company Ltd (Battersea Phase 2 Holdco) is a wholly-owned subsidiary of Battersea Project Holding Co Ltd, which is owned by Sime Darby Property and SP Setia. Each of them hold a 40% stake, while the EPF holds the remaining 20%.
In a joint statement, Sime Darby Property and SP Setia said the ownership reorganisation for Phase 2 of the Battersea Power Station Commercial Assets had taken a major step forward with the signing of a sale and purchase agreement last Friday between Battersea Phase 2 Holdco and PNB-Kwasa.
SP Setia president and CEO Khor Chap Jen said the sale would bode well for the company’s business plan, as it aimed to play a major role in the project’s overall development.
“We would like to thank all the parties involved in evaluating this acquisition and making this transaction a success. The commitment shown by all demonstrates the confidence in this iconic London landmark development,” he added.
Sime Darby Property Group managing director Amrin Awaluddin said the deal was an important milestone in the development of the Battersea power station site, adding that he was pleased to secure the commitment from two of Malaysia’s leading institutions.
The 17-hectare site is being developed over seven phases, managed by the London-based Battersea Power Station Development Company on behalf of the shareholders. Development began in 2012.
Some 867 residential units in Phase One have been successfully completed and delivered over the past two years (2017-2018).
The retail and leisure spaces which were launched earlier this year have also gained strong interest from a wide collection of UK and other international brands.
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