Site being developed over seven phase

The 17-hectare Battersea Power Station site is being developed over seven phases since 2012, managed by the London-based Battersea Power Station Development Company, on behalf of the shareholders.

It successfully completed and delivered 867 residential units in Phase 1 over the past two years (2017-2018).

Besides residential units, the retail and leisure spaces which were launched earlier this year gained strong interest from a wideranging collection of UK and other international brands.

Meanwhile, PNB and EPF in a joint statement yeseterday said under the terms of the acquisition, PNB-Kwasa International 2 Ltd was given a minimum guaranteed yield by Battersea Power Station throughout the construction period and up to five years post-completion, with a price adjustment mechanism to account for any difference in actual rental income compared to forecast.

PNB president and group chief executive Datuk Abdul Rahman Ahmad said the acquisition would enable PNB to consolidate its strategic ownership in the central London development which is expected to deliver a sustainable income stream and potential capital appreciation in the future.

“The proposed investment has also been carefully structured to ensure the transaction meets the stringent investment criteria of PNB.

“This will ensure downside protection for PNB and EPF, whilst enabling the seller to earn-out upside in the development, should the actual rental income perform better than expected,” he said. — Bernama