Wong & Partners Advises Sime Darby on Battersea Power Station Joint Venture in the United Kingdom
Deal Announcement
13 July 2012
Kuala Lumpur, Malaysia, 13 July 2012 − Wong & Partners, the Malaysian member firm of Baker & McKenzie International advised Sime Darby Berhad ("Sime Darby") on its joint-venture ("JV") to acquire Battersea Power Station, the iconic 39-acre site situated on the south bank of the River Thames in London. The regeneration of this site is regarded as one of the city’s most important and high profile with the auction process to acquire the site being highly contested. Partner Brian Chia, assisted by associate Sue Wan Wong, led the team.
Sime Darby entered into a JV with the subsidiaries of SP Setia Berhad and the Employees' Provident Fund Board. The JV incorporated in Jersey, Channel Islands, was used as the primary vehicle to acquire Battersea Power Station, for a purchase consideration of GBP400 million (US$620 million).
"We are privileged to be part of this high profile transaction, particularly when this marks Sime Darby's first venture into the European property market and provides an opportunity to regenerate the iconic site of Battersea Power Station. We take pride in our ability to continue to support Sime Darby in their increasingly global ventures," said Brian, who is also head of the Firm's Corporate and Commercial practice.
Sime Darby is a Malaysian-based diversified multinational involved in key growth sectors, namely, plantations, property, motors, industrial equipment, energy & utilities and healthcare. Founded in 1910, its business divisions seek to create positive benefits in the economy, environment and society where it has a presence.
Battersea Power Station was sold by Ernst & Young LLP, the receivers and administrators appointed to certain companies in the Real Estate Opportunities plc group. Since ceasing operations as a coal-fired power station in 1983, Battersea has become part of the emblematic London skyline with many cultural influences and is Grade II* listed, a listing of buildings of special architecture and historic interests.