Malaysian consortium beats Chelsea FC in bid for London icon

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 of $8.5 billion. A statement to Kuala Lumpur’s stock exchange yesterday described 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”....