Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 17): Battersea Phase 2 Holding Company Ltd is disposing of its commercial property to Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) in a deal worth some £1.583 billion (RM8.351 billion).

In a joint statement today, Sime Darby Property Bhd and S P Setia Bhd said Battersea Phase 2 had entered into a sale and purchase agreement last Friday with PNB-Kwasa International 2 Ltd, a joint venture company of PNB and EPF, each holding 65% and 35% stake respectively.

Battersea Phase 2 is a wholly-owned subsidiary of Battersea Project Holding Company Ltd, which in turn is owned by Sime Darby Property and S P Setia, each holding a 40% stake, and EPF holding the remaining 20%.

The commercial components include: Battersea Project Phase 2 Company Ltd, Battersea Project Phase 2 Office GP Ltd, Battersea Project Phase 2 Office LP Ltd, Battersea Project Phase 2 Office Nominee Ltd, Battersea Project Phase 2 Retail, Leisure, F&B GP Ltd, Battersea Project Phase 2 Retail, Leisure, F&B LP Ltd, and Battersea Project Phase 2 Retail, Leisure, F&B Nominee Ltd.

The transaction is expected to be completed in the first quarter of 2019.

S P Setia president and chief executive officer Datuk Khor Chap Jen said the transaction bodes well with the group's business plans as it continues to play a major role in the overall development of the project.

"S P Setia is fully committed and positive on the long-term prospects of the project," he said.

Meanwhile, Sime Darby Property group managing director Datuk Seri Amrin Awaluddin said this was an important milestone in the development of the Battersea Power Station site, and a strong sign of confidence in the long-term success of the project.

"We are pleased to have secured this commitment from two of Malaysia's leading institutions," he said.

At 11.29am, S P Setia dipped 1.67% or 4 sen to RM2.36 while Sime Darby Property shed 0.52% or 0.5 sen to 95 sen.

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