City of London buys Barking site for €125m

The City of London Corporation has completed the acqusition of a 42 acre plot of land in East London, home to the former Barking Power Station, from global energy group Canadian Utilities for C$190 mln (€125 mln).

According to media reports, the UK governmental body beat a bid from Amazon to acquire site of the gas-fired power station, which was mothballed in 2014.

'The Barking Power Station generated excellent long-term contracted cash flows and earnings for us over many years,' said Siegfried Kiefer, president and chief strategy officer, ATCO and Canadian Utilities.

'Now that its operating life has come to end, it is an opportune time to recycle this capital into new value creation options,' added Kiefer.

The sale is expected to close in the fourth quarter of 2018.


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