KUALA LUMPUR (Oct 5): The deadline to finalise a proposed £1.61 billion (RM8.8 billion) deal involving Phase Two of London’s Battersea Power Station redevelopment has been extended to Dec 31 this year, according to both S P Setia Bhd and Sime Darby Property Bhd (SimeProp).

Permodalan Nasional Bhd (PNB) and the Employees’ Provident Fund (EPF) had in January proposed to acquire commercial assets worth £1.61 billion in Battersea Phase 2 Holding Co, a unit in Battersea Project Holding Co Ltd (BPH).

S P Setia and SimeProp each holds 40% in BPH. The remainder 20% in BPH is owned by EPF.

In two identical announcements today, S P Setia and SimeProp confirmed that Battersea Phase 2 Holding Co, PNB and EPF have mutually agreed to extend the exclusivity period of the proposed transaction to Dec 31, from the previous Sept 30 deadline.

“The parties have made significant progress towards finalising the transaction and anticipates entering into the Proposed Transaction during the fourth quarter of 2018,”  the statements said.

S P Setia shares retreated five sen or 1.96% to close at RM2.50 today, for a market capitalisation of RM9.75 billion. SimeProp shares slipped two sen or 1.75% to settle at RM1.12, valuing it at RM7.62 billion.