London:Battersea power station in London has been sold for £400 million, a result which ensures that the National Asset Management Agency gets back all of the money it was owed by a subsidiary of Treasury Holdings controlled by property developers Johnny Rohan and Richard Barrett.
A consortium led by Malaysia’s SP Setia Bhd will redevelop the site into homes, offices and shops, the agents managing the sale said yesterday.
The consortium, which also includes Sime Darby Bhd, had won an exclusivity agreement on the 15-hectare site last month, and had been carrying out due diligence since then. The deal, which marks SP Setia’s first foray into Europe, will see the four landmark chimneys retained.
Treasury had planned to spend £5.5 billion building 3,500 homes and 1.7 million sq ft of office space, as well as hotels and retail units.
Last month about 15 bidders, including Chelsea football club owned by Russian billionaire Roman Abramovich, submitted plans to buy the site, the subject of repeated failed redevelopment attempts over 30 years.
MARK HENNESSY
