“The Ministry of Finance did not authorise these purchases, but the Ministry of Rural and Regional Development (KKDW) appealed [for them], and the matter was brought to the Economic Council, which then approved it in 2013.
The Ministry of Finance (MOF) said the provision was attributed to EPF’s 20% stake in the JV firm Battersea Project Holding Company Ltd (BPHCL).
The development will be the first purpose-built student accommodation scheme in the regeneration area of the former Royal Arsenal in London.
The latest term loan facility is expected to increase the group’s gearing ratio to 1.
The offices will be fully refurbished to provide energy-efficient, grade A+ accommodation targeting BREEAM Outstanding, WELL Core “Platinum”, and NABERS UK 5 Star Design for Performance certifications.
The development could host some 1,600 new homes with an estimated gross development value over £3 billion (RM17.
The Property Awards singled out Battersea Power Station for its grand public opening in October 2022, delivering 254 apartments, 565,000 sq ft of office space and over 100 shops, restaurants, bars and unique leisure experiences, positioned inside the landmark.
Under the partnership, the two parties will explore opportunities to develop mixed-use schemes, residential, commercial or logistic properties in Central London and South East London.
Since its opening in October last year, the Battersea Power Station has welcomed more than five million visitors.
Gamuda said it plans to refurbish and upgrade the property into a best-in-class, top-rated environmentally sustainable ESG office space that caters to global or multinational financial institutions, legal firms, and mega-tech corporations.
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