11 January 2019
Clifford Chance advises the Employees Provident Fund of Malaysia on its joint venture with Permodalan Nasional Berhad to acquire and fund Phase 2 Battersea
International law firm Clifford Chance has advised the Malaysian state pension fund the Employees Provident Fund of Malaysia (EPF) on the formation of a joint venture with Permodalan Nasional Berhad (PNB), the largest asset management firm in Malaysia, which will forward purchase and fund the development of Phase 2 of the landmark Battersea Power Station redevelopment in London.
The joint venture between EPF and PNB will acquire the asset from Battersea Project Holding Company (BPHC) for a price of approximately £1.6 billion. BPHC is owned by a consortium of Malaysian property developers/investors, S P Setia Berhad, Sime Darby Property Berhad, and EPF.
Commenting on the deal, lead Real Estate Partner Mark Payne said:
"We are pleased to bring this major transaction to a successful conclusion for our long-standing client EPF. This demonstrates Clifford Chance real estate practice's ability to deal with and manage novel and complex areas by drafting and negotiating innovative clauses, which were needed due to the status of the entities involved and given recent changes in tax legislation in the UK."
The Clifford Chance team is being led by Real Estate Partner Mark Payne, who is supported by Senior Associate Rob Donell. David Saleh, Head of UK Real Estate Tax, and Senior Associate Ed Page provide tax advice on the matter.
Linklaters advised the joint venture on the forward purchase of Phase 2 Battersea.