Hong Kong's PCPD reserve bidder for $7.8 bln London water project

Pacific Century Premium Developments

03/11/2017 01:53

HONG KONG, Nov 3 (Reuters) - Pacific Century Premium 
Developments Limited (PCPD)  0432.HK  on Friday confirmed media 
reports that it has been selected as the reserve bidder for the 
6 billion pounds ($7.83 billion) Meridian Water Regeneration 
Project in north London. 
     The company said it has yet to receive a formal 
notification that it has become the preferred bidder. 
    South China Morning Post reported on Thursday that the 
property company controlled by Richard Li, the younger son of 
Hong Kong's richest man, is in talks to take over as the master 
developer of the mixed development project after the previous 
developer of the project withdrew. 
    Property information site CoStar first reported on Tuesday 
the Enfield Council would approach the reserve bidder Pacific 
Century Premium Development to open discussions on Meridian 
Water, citing the Council spokesperson, after the preferred 
bidder Barratt Developments Plc  BDEV.L  pulled out.  
    "The company wishes to clarify that until it has received 
formal notification from Enfield Council that it has replaced 
Barratt as the preferred bidder for further negotiations in 
relation to the Project, the company is not in a position to 
comment on the news reports," PCPD said in a statement on 
Friday. 
    Shares of the company were trading flat on Friday, versus a 
0.1 percent gain in the broader market  .HSI . 
    The project proposes 10,000 homes and 6,700 new jobs in 
north London, led and controlled by Enfield Council, according 
to the CoStar report.  
 
($1 = 0.7661 pounds) 
 
 (Reporting by Clare Jim; Editing by Vyas Mohan) 
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters 
Messaging: clare.jim.thomsonreuters.com@reuters.net)) 
 
Keywords: PCPD M&A/LONDON WATER REGENERATION PROJECT