MGT agrees long-term investment in residential apartments at Battersea Power Station
Pan-European real estate investment and asset management business MGT Investment Management and Battersea Power Station have agreed terms for the purchase by MGT of 92 apartments within Battersea Power Station’s Electric Boulevard.
The purchase relates to the majority of the apartments remaining in this phase of the development and represents a long-term investment in the Battersea Power Station project.
The homes are spread across two 17-storey apartment buildings designed by the acclaimed Gehry Partners and a third 16-storey Foster + Partners-designed building, comprising 542 homes in total and all sitting immediately to the south of the mixed-use Battersea Power Station itself.
The Grade II listed Power Station and surrounding area are being brought back to life as one of the most exciting and innovative mixed-use neighbourhoods in the world – a place for locals, tourists and residents to enjoy a unique blend of restaurants, shops, parks and cultural spaces.
The apartments are set for completion between late 2021 and mid-2022, neatly coinciding with the opening of the Northern Line Extension which will be operational from this Autumn and the wider GBP9 billion transformation that is coming to fruition at the 42-acre site. The site is already home to many hundreds of residents, exciting retail and commercial occupiers and will soon be home to several hundred new shops, restaurants and cafes as well as event spaces and offices including Apple’s new London campus.
Henry Morris, managing director of MGT Investment Management, says: “This is MGT’s third significant investment in the UK residential for rent sector focused on locations with exceptional growth prospects. Despite current short-term uncertainty around Covid-19, we truly believe in the long-term fundamentals of the central London market as a prime place to live, work and visit.”
“We are excited to be buying into the future growth of the Power Station as key facets of the transformation story come together, including the opening of the main building, Apple’s new campus and Northern Line extension which will dramatically improve connectivity.”
Simon Murphy, Chief Executive Officer of Battersea Power Station Development Company, says: “We are reaching a pivotal moment in the transformation of the Battersea Power Station development as the long-awaited vision for the Power Station and the surrounding area becomes a reality. Progress on Electric Boulevard – a collection of buildings designed by Gehry Partners and Foster + Partners – is continuing at pace. Following a strong year of residential sales, MGT’s investment is a further testament to the continued long-term appeal of the development as well as the thriving neighbourhood and community emerging here. We look forward to welcoming the first residents into the Power Station in the coming months and to Electric Boulevard later this year.