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MGT buys Battersea Power Station BTR units

George Sell Uploaded 23 March 2021: UK: MGT Investment Management has agreed to acquire 92 apartments within Battersea Power Station’s Electric Boulevard.

The homes, which are spread across two 17-storey apartment buildings and a third 16-storey building, sit to the south of the mixed-use Battersea Power Station itself.

It has been reported that MGT paid around £150 million for the units, which are set for completion between late 2021 and mid-2022.

Henry Morris, managing director of MGT Investment Management, said: “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, added: “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.”

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