Linklaters and Addleshaws plug into £1.6bn Battersea Power Station deal
Magic circle firm leads for Malaysian investors on acquisition of site housing iconic power station
December 17, 2018 at 11:36 AM
2 minute read
Linklaters and Addleshaw Goddard have advised on the £1.6bn sale of the six-acre Battersea Power Station site to Malaysian investors.
The £1.6bn deal – which relates to commercial assets within 'Phase 2' of the redevelopment of the land around the iconic power station – has seen the assets sold to a joint venture comprising Malaysian asset management company Permodalan Nasional Berhad and the Employees Provident Fund Board of Malaysia – a retirement savings fund.
Linklaters led for the joint venture purchasers with a team headed up by real estate partner Patrick Plant, while Addleshaws acted for the Battersea Power Station Development Company (BPSDC).
The Addleshaws team was led by real estate partner Simon Tager, with support from real estate head Leona Ahmed, real estate partner Luke Harvey, and corporate partners Hugh Lauritsen and Lee Sheldon.
Norton Rose Fulbright advised BPSDC on the real estate finance aspects of the deal, with a team including real estate head Dan Wagerfield and finance partner Dan Kennedy.
Battersea Phase 2 Holding Company is a wholly owned subsidiary of BPSDC, which will continue to act as the development manager for all phases of the 42-acre power station development.
The deal is one of several connected to the ongoing £9bn redevelopment project.
Earlier this year, CMS and Shoosmiths advised BPSDC on the pre-let of the remaining 40,000 sq ft available within the power station to a private members club. The deal rounded off a series of pre-lets at the power station, which saw tech giant Apple sign up to about half – 500,000 sq ft – of the space available in 2016.
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