Wednesday, November 30, 2011

SP Setia Vs Abramovich - Nak Ambilalih Chelsea FC?

Malaysia's biggest property developer by revenue, SP Setia Bhd, said it made a bid that would lead to the redevelopment of the Battersea Power Station in London.

It offered to buy debt linked to the site and its holding company for STG262 million (RM1.2 billion). The lenders, Lloyds Banking Group and Ireland's National Asset Management Agency (NAMA), said no, we won't talk about it further at this stage.

Undeterred, SP Setia said it still likes the London property market, with a firm belief of its prospects.

But shortly after that announcement, Reuters reported that Abramovich's interest to build a new stadium for his Chelsea football club at Battersea, the exact same spot, has been revived after SP Setia's failed bid.

Quoting a spokesman, Reuters said the Abramovich-owned, London-based Chelsea football club had appointed Almacanter as development partner, and picked architectural firm Kohn Pedersen Fox to undertake a feasibility study of Battersea. [Business Times]

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