Meet Battersea Power Station’s new Malaysian owners
A Malaysian consortium completed the £400 million purchase of south London’s most iconic landmark, Battersea Power Station this week
The long-undeveloped Grade II*-listed building was acquired, following an open market tender, through a special purpose vehicle known as Battersea Project Holding Company.
Malaysian developer SP Setia and conglomerate Sime Darby each own 40 per cent of the holding company. The remaining 20 per cent is owned by the Southeast Asian country’s Employees Provident Fund pension company.
S P Setia
Incorporated as a construction company in 1974, S P Setia was listed on the Kuala Lumpur Stock Exchange in 1993. Three years later it refocused on property development and over the past five years it has expanded to cover projects in Vietnam, Singapore, Australia and China. Between 2001 and 2006, profit after tax rose by 163 per cent, while the dividend pay-out ratio grew 100 per cent.
Tan Sri Liew Kee Sin, president and chief executive of S P Setia, said: ‘Battersea Power Station is a wonderful building and both it, and the centrally located Nine Elms area surrounding it, are in need of regeneration.
‘As property developers we are very proud to be part of the team that will bring them back to life and ensure they are preserved for future generations.
‘With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the Power Station at its heart, creating up to 26,000 new jobs in the process.’
S P Setia’s top team
Chairman: Tan Sri Abdul Rashid Bin Abdul Manaf
President and chief executive officer: Tan Sri Dato’ Sri Liew Kee Sin
Deputy president and chief operating officer: Dato’ Voon Tin Yow
Malaysian multinational conglomerate Sime Darby operates in the property, plantation, healthcare and automotive sectors in more than 20 countries. It’s property arm, Sime Darby Property focuses on property development, property investment, hospitality and leisure. The company’s 14,325 hectare land bank is Malaysia’s largest.
Dato’ Mohd Bakke Salleh, president and group chief executive of Sime Darby said: ‘As a company with almost 30 years of experience in property development we are delighted to be part of the team working on this most iconic of projects.
‘The completion of the sale is an important milestone to have passed in our plans for the regeneration of Battersea Power Station and the surrounding area and we are looking forward to the next step in the process with great enthusiasm.
‘The future of the Power Station, both as a London landmark and the central focus of the ongoing revitalisation of the area, has never looked brighter.’
Sime Darby’s top team
President and group chief executive : Dato’ Mohd Bakke Salleh
Group chief operating officer and managing director of the property division: Dato’ Adb Wahab Maskan
Executive vice president of group strategy and business development: Alan Hamzah
Employees Provident Fund (EPF)
Established in 1951, EPF is a Malaysian is a retirement savings fund covering the private sector. The company operates the largest social security scheme in Sri Lanka and overall had 13.26 million members in March this year.
Tan Sri Azlan, chief executive of EPF, said: ‘The completion of the sale of the Battersea Power Station site is the first of many successes we anticipate witnessing over the lifetime of the development.
‘As a retirement fund and a long-term investor, we are very happy to have a stake in a project with so much potential and are confident that the right ingredients are in place to ensure that this is fully realised.’
EPF’s top team
Chairman: Tan Sri Samsudin Osman
Chief executive officer: Tan Sri Azlan Zainol
Deputy chief executive officer (operations): Dato’ Ibrahim Taib
Deputy chief executive officer (investment): Datuk Shahril Ridza Ridzuan
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