Battersea Power Station Development Company has confirmed the forthcoming transfer of ownership of the Battersea Power Station to Malaysian sovereign wealth fund Permodalan Nasional Berhad (PNB) and Employees Provident Fund of Malaysia (EPF) for a staggering amount of £1.6bn.
The deal overtakes the £1.28bn paid by Chinese investors for the Walkie Talkie building also in London last year. The £1.6bn lucrative deal will transfer ownership of Battersea Power Station, but not the 42-acre site around the building that features several residential and retail development sites.
PNB and EPR are buying the stake from Malaysian developers Sime Darby Property and SP Setia, in which PNB is also a major shareholder, making PNB indirectly an owner of the project. The internal reconstruction of assets will also switch EPF from a developer to an asset manager, while it also owns 20% of the entire development.