Battersea Power Station developer buys rival to create one of SE Asia’s biggest real estate firms

Malaysia's SP Setia to acquire I&P Group in a mega-deal worth up to $850m

SP Setia Berhad, the Malaysian developer behind the £9bn regeneration of Battersea Power Station, has announced a takeover of rival I&P Group, creating one of the biggest real estate operations in SE Asia.

S P Setia’s management team

According to a stock exchange statement from state investment fund Permodalan Nasional Bhd (PNB), which oversees both firms, the deal is worth up to 3.75 billion ringgit (around £675m).

PNB president and group chief executive officer Abdul Rahman Ahmad said: “This combination will create the largest property company in Malaysia and one of the leading players, with a total land bank of close to 10,000 acres.”

SP Setia is part of a consortium of Malaysian firms driving the UK’s biggest regeneration project, alongside Sime Darby and Employees Provident Fund.

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