Mourant Ozannes advises Malaysian property consortium
15 October 2012
News, Asia, Malaysia, United Kingdom
A team from offshore law firm Mourant Ozannes has acted for the Malaysian consortium in connection with their acquisition of London's landmark Battersea Power Station.
The Malaysian consortium comprising property group, SP Setia together with multinational conglomerate, Sime Darby and Malaysia’s Employees Provident Fund has acquired the Battersea Power Station for £400 million (US$641.76 million). The proposed development, which will be a 15 year project, may ultimately cost up to £8 billion and create 25,000 jobs.
The landmark power station went into administration in 2011, with Ernst & Young appointed to handle the sale process with magic circle firm Linklaters leading the sale for Ernst & Young.
Mourant Ozannes worked alongside Malaysian firms Shearn & Delamore and Wong and Partners, together with the various English law firms advising the Malaysian consortium.
Paul Christopher, managing partner of Mourant Ozannes' Asia office, commented: "The acquisition of the Battersea Power Station property is a reflection of a trend we see of investment from the Asia region into blue chip investments in other parts of the world. We are delighted to have worked on this landmark deal with Shearn & Delamore and Wong and Partners and see further opportunities in this area as Asian sovereign wealth and pension-fund clients continue to invest overseas, in this case in the London commercial property market. We have a wealth of experience in acting alongside investors to ensure that acquisitions and disposals are made efficiently."
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