Addleshaw Goddard's (AG) real estate sector team has advised Battersea Power Station Development Company (BPSDC) on an agreement relating to the transfer of and long term asset management strategy for the commercial assets within Phase 2 of the Battersea Power Station (BPS) development.
Addleshaw Goddard's (AG) real estate sector team has advised Battersea Power Station Development Company (BPSDC) on an agreement relating to the transfer of and long term asset management strategy for the commercial assets within Phase 2 of the Battersea Power Station (BPS) development. Phase 2 comprises a six acre site housing the iconic Power Station itself. AG advised BPSDC on the corporate and real estate elements of the agreement with Norton Rose Fulbright LLP advising in relation to the financing elements.
The agreement is between Battersea Phase 2 Holding Company Limited as Seller and a joint venture vehicle comprised of Permodalan Nasional Berhad, one of the leading Malaysian asset management companies, and The Employees Provident Fund Board of Malaysia, Malaysia's premier retirement savings fund as Buyer. BPSDC advised the Seller on all financial and structuring aspects of the transaction and will continue to act as the development, estate and asset manager for all phases of the 42 acre BPS development.
The multi-disciplinary AG team was led by Simon Tager, supported by partners Leona Ahmed, Luke Harvey, Hugh Lauritsen and Lee Sheldon with managing associates Natalie Steur, Simon Morris, James Barnett and associate Marcel Marquardt.
Simon Tager, commented: “I am delighted to have led the AG team advising BPSDC in connection with this landmark transaction. In addition to acting for BPSDC on the pre-let to Apple (of their 500,000 sqft London office campus within the Power Station), AG are proud to assist on another key step in the journey for this extraordinary development and regeneration project.
"This transaction is a further illustration of our leading experience of major London development projects that are shaping London’s future and cementing its position as the leading global city."
