Battersea Power Station to change hands in £1.6bn deal

The proposed deal, announced on the Malaysian stock exchange this morning, would make the Grade II listed site the biggest property deal carried out in the UK.

The transaction will see ownership of the building, excluding the surrounding 42 acres of land, transferred from the current owners to Asset management group Permodalan Nasional Berhad and pension fund Employees Provident Fund of Malaysia.

The sale is being to be linked to the spiralling of costs originally expected to be in the region of £750m but are reported to have reached £1.5bn.

A BPSDC spokesperson said: “The Battersea Power Station building would provide both investors with a unique investment opportunity to own an iconic development in the heart of London.  With the conclusion of the proposed transaction, BPSDC will remain the active manager of the development. This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained.”