LONDON, 5 September 2012  Construction of the Battersea Power Station project is primed to begin now that the sale of the site, to the Malaysian consortium of S P Setia, Sime Darby and the Employees Provident Fund (EPF), has completed. Noticeable improvements to the derelict plot will be seen shortly with preparatory work scheduled to begin later this year and first ground broken in the second half of 2013.

Phase One of the development will consist of multiple residential buildings containing a total of 800 apartments and standing above a commercial podium which will include retail, restaurants, gym, pool, spa, theatre and office studios. A new six-acre park, open to the public, adjacent to the river and directly linking to the 200 acre Battersea Park next-door, will form the setting for the new buildings. This Phase will be self-contained and is designed by prizewinning and influential architects Ian Simpson Architects and de Rijke Marsh Morgan in accordance with the Rafael Vinoly masterplan.

The approved proposals to redevelop the 39-acre Power Station plot will include the completed regeneration of the Power Station, the largest brick building in Europe and one of the most significant surviving examples of Art Deco architecture. The plans cover a full mixed-use redevelopment of the 39 acre site; including new homes, offices, shops, restaurants and hotels as well as community, cultural and leisure facilities and have been agreed by English Heritage and Design Council CABE.

For locals and visitors the development will mean better transport access and a wide range of shops and amenities including a library, health centre and riverside park. The consortium has also committed to supporting construction of the proposed extension to the Northern Line into the Nine Elms area. This is a major part of the regeneration vision for the area and has extensive political support with the backing of the London Borough of Wandsworth, the Mayor of London and the UK national government in its National Infrastructure Plan (published 29 November 2011).

The site was acquired, following an open market tender, for ?400 million through a special purpose vehicle known as Battersea Project Holding Company Ltd (BPHC) in which S P Setia and Sime Darby have a 40% stake each with EPF holding the remaining 20%. The finished project will be worth ?8billion and will generate significant contributions to the UK economy. The development will create about 26,000 jobs, both through direct and indirect employment, and training opportunities supported by a local employment agreement.

The President and Chief Executive Officer of S P Setia, Tan Sri Liew Kee Sin, said: Battersea Power Station is a wonderful building and both it, and the centrally located Nine Elms area surrounding it, are in need of regeneration. As property developers we are very proud to be part of the team that will bring them back to life and ensure they are preserved for future generations. With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the Power Station at its heart, creating up to 26,000 new jobs in the process.

The President and Group Chief Executive of Sime Darby, Dato' Mohd Bakke Salleh, said: As a company with almost 30 years of experience in property development we are delighted to be part of the team working on this most iconic of projects. The completion of the sale is an important milestone to have passed in our plans for the regeneration of Battersea Power Station and the surrounding area and we are looking forward to the next step in the process with great enthusiasm. The future of
the Power Station, both as a London landmark and the central focus of the ongoing revitalisation of the area, has never looked brighter.

Chief Executive Officer of EPF, Tan Sri Azlan, said: The completion of the sale of the Battersea Power Station site is the first of many successes we anticipate witnessing over the lifetime of the development. As a retirement fund and a long-term investor, we are very happy to have a stake in a project with so much potential and are confident that the right ingredients are in place to ensure that this is fully realised.

Rob Tincknell, Chief Executive Officer of Battersea Power Station Development Company (BPSDC), managing the delivery of the redevelopment, said: The completion of the sale of Battersea Power Station is a significant step in the successful redevelopment of the site and wider area and means that work can now begin on the creation of a new town centre for London. The unique UK-Malaysian partnership brings with it the financial strength, expertise and commitment necessary to deliver what is one of the capital s most important and iconic development projects. With the firm backing of the Mayor of London, the London Borough of Wandsworth, central government, English Heritage and the Design Council CABE I am confident that the next few years will bring many more opportunities to celebrate.

For further information, please contact:

Stephanie Shepherd, Pagefield,
020 3327 4065 / 07854 366 438
stephanie.shepherd@pagefield.co.uk

David Radestock, Pagefield,
020 3327 4062 / 07912 502 291
david.radestock@pagefield.co.uk

Kate Levine, Pagefield,
020 3327 4055 / 07740 473 641
kate.levine@pagefield.co.uk