Malaysian consortium beats Chelsea FC in bid for London icon

SP Setia and Sime Darby bid ₤400 million for Battersea Power Station.

Malaysian consortium beats Chelsea FC in bid for London icon
Battersea's famous power station, which provided electricity for south-west London until 1983

Malaysian developers SP Setia and Sime Darby Property have become preferred bidders for the iconic Battersea Power Station in south-west London. The two companies signed an agreement yesterday to pay 400 million $620 million for the site, beating offers from more than a dozen rival bidders that included Chelsea Football Club.

The consortium is expected to develop the previous owners’ plans for converting the 1930s art deco building into 3,400 new homes at a cost...

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