KUALA LUMPUR: Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) have reaffirmed their commitment to the Battersea Power Station project in London, saying there are no immediate plans to exit the investment.
“The Battersea project, owned by a consortium led by Sime Darby Property Bhd
and S P Setia Bhd, remains a key strategic investment for its shareholders,” they said in a joint statement.
The Battersea Power Station building, located within the commercial precinct, is jointly owned by PNB and EPF as part of their global real estate investment portfolios.
“Both organisations remain fully committed to realising the full potential of the investment and confident in its prospects and potential upside value. As such, there are no immediate plans to proceed with any exit,” they said.
PNB and EPF added that given the iconic nature of the Battersea asset, they periodically receive investment proposals from interested parties.
“As investors, PNB and EPF would evaluate any such proposals carefully in line with our investment criteria and considerations, which are always based on creating value for the benefit of our PNB unitholders and EPF members,” the statement said.
They noted that when investments reach maturity and achieve targeted returns, both funds would consider opportunities for monetisation or bringing in strategic partners to support future capital requirements and growth.
Bloomberg reported last week that the main Battersea Power Station building, which houses Apple’s UK headquarters and a major retail complex, has been put up for sale.
The Malaysian owners have appointed BNP Paribas to advise on a potential deal after receiving interest from investors, though no guide price has been set for the asset, last valued at nearly £1.6 billion in 2019.
