Battersea Power Station gets new Malaysian owners

A slice of London's landmark Battersea Power Station has been sold to Malaysian investor Permodalan Nasional Berhad (PNB) in a £1.6 billion deal.

Asian asset management firm PNB will own a majority of the power station, alongside Employees Provident Fund of Malaysia.

Battersea Power Station Development Company (BPSDC) said talks were at an early stage, but the transaction had been approved by the Battersea Project Holding Company Limited.

The BPSDC is in the middle of a five-year project to transform the Grade II listed building into 250 apartments, along with retail and leisure units and office space, which will be partly used for Apple's UK headquarters.

Battersea Power Station
Battersea Power Station

A spokesman for BPSDC 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."

Battersea Power Station was opened in 1933, but the building was not finished until 1953 after work was delayed by the Second World War.

It generated 20% of London's electricity supply, until it finally stopped producing power in 1983.

The BPSDC spokesman added: "The Malaysian shareholders purchased the site in September 2012 and have since made significant progress including the successful completion of the first phase of the development which is now home to over 1,000 residents and a collection of independent retailers and restaurateurs.

"The proposed transaction reflects the shareholders' long-term commitment to Battersea and London."

The ownership shake-up will not affect the shareholdings of Sime Darby Property, SP Setia and EPF in the Battersea Project Holding Company, BPSDC said.