Malaysian Cos.' £400M Tops Bids For London Landmark

Law360, New York (June 7, 2012, 8:47 PM EDT) -- A pair of Malaysian corporate giants on Thursday beat out nearly a dozen parties vying for London's iconic Battersea Power Station, with a £400 million ($622 million) bid to purchase and redevelop the decommissioned facility.

Battersea's joint administrators and receivers from Ernst & Young LLP identified SP Setia Bhd. and Sime Darby Property Bhd. as the preferred bidders for the 39-acre site and inked an exclusivity agreement with the Malaysian duo Thursday, according to a joint statement from the buyers.

Leading Malaysian property developer SP Setia...
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