EPF, PNB to buy Battersea project for RM8.8 billion

The former Battersea Power Station in Nine Elms, southwest London, is being redeveloped as a mixture of homes, retail space and offices. The new owners are two Malaysian state investors, which bought over the project from another two Malaysian investors. – EPA pic, January 19, 2018.

PERMODALAN Nasional Bhd and the Employees’ Provident Fund will buy London’s iconic Battersea Power Station for a record £1.6 billion (RM8.8 billion), the Guardian reports.

The two state-owned firms will buy the Grade II-listed building but not the 17ha surrounding it, the Battersea Power Station Development Company said in a statement yesterday.

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  • " .... A company source said the deal is not linked to reported financial difficulties ...... but due to Apple’s decision to base its UK headquarters ........ the construction cost has nearly doubled from £750 million to £1.5 billion........acquired ...... by SP Setia and Sime Darby – for £400 million......" - .... Really???? ...... just because of Apple? ...... didn't PNB and EPF consider BREXIT and everybody "cabut"? ...... Aiyah, its to rescue Sime Darby (SP Setia is controlled by it) ....... else ASB will declare less dividends .... now EPF contributors will get LESS income instead (sure lose one this investment short term) !!!!

    Posted 3 years ago by Malaysian First

  • What they should have done is to call for an international tender and see what are the bids. If the attraction of Apple as the anchor tenant is there, the bids maybe higher than what EPF and PNB are willing to pay for. As it is now, this deal smelled lack of corporate governance and transparency and the units holders in PNB and EPF contributors should be worried of this "cowboy" style of investing.

    Posted 3 years ago by Can Lim