The Malaysian Employees Provident Fund, a consortium which includes the Malaysian real estate company SP Setia and listed conglomerate Sime Darby, has reportedly emerged as the preferred bidder for Battersea Power Station. It is believed that the consortium has made an all-cash bid of almost £400 million for the site. The amount is well in excess of the £300 million the administrators, Ernst & Young, are understood to be seeking and should see NAMA’s loans on the site repaid in full. As previously reported, prior to the appointment of the administrator, NAMA and Lloyds rejected an offer by SP Setia to buy out the power station’s secured debt at a 15% discount (£262 million).