11:03am Thursday 7th June 2012
Battersea Power Station has been sold to a Malaysian company, beating a rival bid from Chelsea Football Club who were planning a 60,000 seater stadium on the site.
SP Setia and Sime Darby bought the 39-acre site on the south bank of the River Thames for £400m.
The Malaysian consortium said it planned to “preserve the facade of the historical power plant with its iconic chimney stacks” as well as press ahead with plans to extend the Northern line to Battersea Power Station.
A statement said: “S P Setia’s and Sime Darby Property's plans involve the development of a sustainable multi-use real estate regeneration project that will provide economic impetus for the creation of a new vibrant centre for south-west central London.”
Joint administrators from Ernst and Young said it had entered into an exclusivity agreement with the company.
Chelsea was one of 15 bidders for the site.
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