Malaysian consortium completes £400m Battersea Power Station deal
Image: The consortium has completed the purchase
A Malaysia-based consortium including SP Setia, Sime Darby Property and the Employees Provident Fund (EPF), has closed a £400m deal for London's Battersea Power Station site.
The joint venture was named as the preferred bidder for the iconic former industrial site last month after securing an exclusivity agreement with administrators from Ernst and Young.
Battersea Project Holding Company has now been formed as the result of a new agreement, which will see developers SP Setia and Sime Darby Property each hold a 40 per cent stake. EPF holds 20 per cent.
Plans for a major regeneration of Battersea Power Station drawn up by Rafael Viñoly are to be implemented, with a gross development value of £8m over a 15-year period.
SP Setia president and CEO Tan Sri Liew Kee Sin said: "The Battersea Power Station site is undoubtedly London's most important and central urban regeneration site.
"It is important that this iconic and renowned Grade II*-listed structure is properly restored and brought back to its old grandeur."
Battersea Power Station is at located the heart of the strategic Vauxhall Nine Elms Battersea Opportunity Area, one of the largest redevelopment areas in the capital.
Details: www.simedarby.com
Image: David Samuel
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
Tonik Associates designs new suburban model for high-end Third Space health and wellness club
Aman sister brand Janu launching in Tokyo in 2024 with design by Denniston's Jean-Michel Gathy
Ben Channon has written Happy by Design, a new book about how architecture affects our mental health. He explains how we can all be happier at home