Battersea Power Station — which is being transformed into luxury apartments, offices and a shopping and leisure complex — is about to be bought in the UK’s biggest ever property deal. Two Malaysian state-backed funds have said they will pay £1.6bn for the iconic building, which will provide a much-needed cash injection as its completion has been hampered by delays and increased costs. Asset management group Permodalan Nasional Berhad (PNB) plans to buy the building with pension fund Employees Provident Fund of Malaysia (EPF), which controls the private sector pension pot. They are buying the stake from Malysian developers Sime Darby Property and SP Setia, in which PNB is a major shareholder and so indirectly owns part of the development. EPF also owns 20 per cent of the entire development, and will switch from a developer to an asset manager in the reorganisation. Battersea Power Station Development Company (BPSDC) said that the reorganisation of the ownership of the development would “create a long-term asset management and ownership structure”.
