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#Battersea* S P Setia-Sime £400m bid now preferred

KUALA LUMPUR (June 7): S P Setia Bhd and Sime Darby Bhd have been identified as the preferred bidder for the Battersea Power Station in London.

In a joint statement on Thursday, S P Setia and Sime Darby said the companies had entered into an exclusivity agreement with the joint administrators and receivers, Alan Bloom and Alan Hudson of Ernst & Young LLP, on behalf of the owners of the Property, to acquire the site for £400 million (RM1.96 billion).

The two companies said they had a period of up to 28 days to conduct further due diligence and investigations as may be deemed necessary, and to negotiate the contract for the acquisition of the property.

"S P Setia's and Sime Darby Property's plans involve the development of a sustainable multi use real estate regeneration project that will provide economic impetus for the creation of a new vibrant centre for south-west central London," they said.

"The plans will preserve the facade of the historical power plant with its iconic chimney stacks."

In addition, the companies have committed to the construction of a new underground station as part of the proposed extension of the Northern Line (part of the London Underground's Tube network) which shall pass by the site, they said.

This is viewed as fundamental to the success of this regeneration project, said S P Setia and Sime Darby.

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