SP Setia Bhd has confirmed it is interested in the Battersea Power Station site in London.
The company said it had instructed an investment advisor to submit a conditional non-binding preliminary offer to acquire from Lloyds Banking Group PLC and the National Asset Management Agency (NAMA), the senior debt facilities and the swap exposure and other related claims in the Battersea Power Station site and its holding company for £262 million.
The offer was made in the ordinary course of the group’s activities to always seek out good opportunities in both local and selected international markets to expand the group’s operations, it said in a filing with Bursa Malaysia today.
However, it said "NAMA and Lloyds have informed SP Setia via a letter dated
Nov 23, 2011 that they do not intend to engage further on the preliminary offer
at this stage".
Nevertheless, SP Setia still believes that property development prospects in London are positive.
"Accordingly the group will continue to look out for and assess other possibilities to invest, via strategic partnerships and landbanking opportunities, in this exciting market," it said.
According to reports, SP Setia has agreed terms with Irish group Real Estate Opportunities to take a majority stake in the landmark power station through acquiring the bank debt that is threatening to derail the £5.5 billion redevelopment to build 3,400 homes, a conference centre, 10 million sq ft of offices and retail space at Battersea.
Battersea Power Station has lain dormant since 1983 – when the power station was shut down. -- Bernama
The company said it had instructed an investment advisor to submit a conditional non-binding preliminary offer to acquire from Lloyds Banking Group PLC and the National Asset Management Agency (NAMA), the senior debt facilities and the swap exposure and other related claims in the Battersea Power Station site and its holding company for £262 million.
The offer was made in the ordinary course of the group’s activities to always seek out good opportunities in both local and selected international markets to expand the group’s operations, it said in a filing with Bursa Malaysia today.
However, it said "NAMA and Lloyds have informed SP Setia via a letter dated
Nov 23, 2011 that they do not intend to engage further on the preliminary offer
at this stage".
Nevertheless, SP Setia still believes that property development prospects in London are positive.
"Accordingly the group will continue to look out for and assess other possibilities to invest, via strategic partnerships and landbanking opportunities, in this exciting market," it said.
According to reports, SP Setia has agreed terms with Irish group Real Estate Opportunities to take a majority stake in the landmark power station through acquiring the bank debt that is threatening to derail the £5.5 billion redevelopment to build 3,400 homes, a conference centre, 10 million sq ft of offices and retail space at Battersea.
Battersea Power Station has lain dormant since 1983 – when the power station was shut down. -- Bernama
