Battersea Power Station Owner Takes $208 Million Impairment

The owner of London’s Battersea Power Station took an impairment charge of about 156 million pounds ($208 million) on the project after social distancing measures and a nationwide lockdown slowed construction.

The charge for Battersea Project Holding Company Ltd, UK was related to works in progress on the site, SP Setia Bhd, a 40% shareholder in the development, said in a filing last week. The value of the overall project, which includes office buildings and thousands of apartments, is about 9 billion pounds, a person with knowledge of the matter said.

“The impairment reported is modest in the context of ...