15-hectare site on the south bank of the river Thames has been the subject of repeated failed redevelopment attempts
Malaysia's SP Setia and Sime Darby have won the right to redevelop Battersea Power Station, beating a rival bid from Chelsea Football Club looking to move its stadium to the London landmark.
About 15 bidders including Chelsea, owned by the Russian billionaire Roman Abramovich, submitted plans last month to buy the protected 15-hectare site on the south bank of the river Thames, the subject of repeated failed redevelopment attempts in the three decades since it shut.
The Malaysian property companies have inked an exclusivity agreement with Alan Bloom and Alan Hudson of Ernst & Young, the joint administrators and receivers, to acquire the site for £400m, SP Setia and Sime Darby said in a joint statement on Thursday.
The deal marks SP Setia's first foray into Europe and adds to its residential schemes in Vietnam, Singapore and Malaysia.
The Malaysian companies said the redevelopment of the site would revive south-west central London.
SP Setia and Sime Darby will build a new underground train station as part of the proposed extension of the northern line of the London network, according to the filing.
The crumbling riverside edifice – Europe's largest brick structure – and its quartet of art-deco white chimneys have been a recognisable silhouette on the London skyline for 80 years.
The site came on to the market after a £5.5bn plan by the Irish developer Treasury Holdings for homes, shops and offices collapsed in December. Read More
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