Malaysian Consortium Wins Over Chelsea For Battersea Power Station
Chelsea "must rethink their plans for a bigger ground to rival" fellow Premier League clubs Arsenal and ManU after their hopes of relocating to Battersea Power Station were denied, according to Mark Cue of the LONDON TIMES. Chelsea Owner Roman Abramovich lost the iconic 39-acre site on the South Bank of the Thames in Wandsworth by a consortium of two Malaysian companies, SP Setia and Sime Darby. SP Setia and Sime Derby told the Malaysian Stock Exchange their £400M ($623M) “multi-use real estate regeneration project” bid had been a success. Wandsworth Council leader Ravi Govindia said, “We’re making tremendous progress towards transforming this old industrial stretch of the South Bank which will provide up to 25,000 new jobs for London" (LONDON TIMES, 6/7). The DOW JONES NEWSWIRES' Jason Ng wrote that SP Setia and Sime Darby, "both cash-rich companies backed by state-linked funds," said that they have "committed to the construction of a new station" to be part of London Underground’s transit network that will pass by the site. Sources "familiar with the matter" said that the Malaysian group was bidding against another consortium headed by veteran British property investor Godfrey Bradman, who is backed by the billionaire real-estate investors Reuben Brothers, to buy the site out of administration (DOW JONES NEWSWIRE, 6/7). In Dublin, Donal O'Donovan noted that SP Setia was "originally lined up as an investment partner" by Battersea former owner Treasury Holdings. The recent signing is "likely to re-ignite the legal battle" between Treasury Holdings and seller NAMA. Treasury Holdings' legal challenge stated that NAMA is "alleged to have refused to cut a deal with the same buyer last year," before seizing control of the sites (Irish INDEPENDENT, 6/7).