Battersea Owners Weigh Sale Of London Icon As Value Nears £1.7B
The Malaysian owners of Battersea Power Station’s commercial elements have appointed advisers to explore a sale.
The pension funds that own the scheme have appointed BNP Paribas as approach buyers after receiving inbound inquiries, Green Street News reported.
Any sale would be one of the largest in British history for a single building.
PNB and EPF bought the office and retail element in the famous power station for £1.6B in 2018.
The commercial element comprises a 500K SF office building leased to Apple, a 420K SF shopping centre, and the visitor experience that includes a viewing gallery at the top of one of the former chimneys.
Those elements were refinanced with a £1.1B loan in March 2024, which put the value at about £1.7B.
The sale does not include any of the residential apartments at Battersea, the separate office building at 50 Electric Boulevard or the 164-bed Art’otel.
The wider regeneration of the Battersea site is being undertaken by listed Malaysian developers Sime Darby and SP Setia — in which PNB and EPF own significant stakes — alongside EPF, in a 40-40-20 joint venture.
The scheme is projected to cost £9B and will include the construction of more than 4,000 homes, 2,200 of which have already been delivered.
