The Employees Provident Fund (EPF), Sime Darby Bhd and SP Setia Bhd have officially acquired the 39.5-acre Battersea Power Station site for £400 million (RM1.99 billion) with a bridging loan from CIMB worth £300 million (RM1.49 billion), according to Tan Sri Liew Kee Sin, Chief Executive Officer of SP Setia.
The £100 million (RM495.53 billion) balance was paid as per the equity stake of the three entities with Sime Darby and SP Setia paying 40 percent each while EPF paid the remaining 20 percent.
With a gross development value (GDV) of £8 billion (RM39.8 billion), Battersea Power Station will be the first and biggest property development for SP Setia and Sime Darby in Britain.
Liew said that "although the consortium may not have the experience in this side of the world, we have the British technical team to see to it while we provide the concept and the funding."
Battersea Power Station Development Co Ltd, a newly-minted British company, has been formed with the logo of the Battersea Power Station. Robert Tincknell, Chief Executive Officer of Battersea Power Station Development Co Ltd, will manage the project.
"Now that the project is fully paid, the next step is to work out the financing structure, whether it will be in Sterling pounds, whether it will be issuing of sukuk and seeking the best rates among banks," added Liew.
The master plan for the site features 3,400 new homes, 56,000 sq m of retail spaces, 160,000 sq m of new office space and nine hectares of public parks and spaces.
The units are set to be launched in 2013, with construction slated to begin in April.
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