A pair of Malaysian investors is to take ownership of London’s iconic Battersea Power Station building – which is being transformed by Wilkinson Eyre – for £1.6 billion.
Permodalan Nasional Berhad (PNB) and the Employees Provident Fund of Malaysia (EPF) will pay the sum in instalments throughout the remaining three years of the overhaul of the Grade II* listed building, which is at the heart of the wider redevelopment of the site.
The Wilkinson Eyre scheme, being supported by conservation specialist Purcell, will include 253 homes, six floors of office space, almost 100 shops, an event venue and a park.
PNB already owned more than two-thirds of the project but will take on full ownership, along with EPF, from developers Sime Darby Property and SP Setia, subject to negotiations and finalisation of the deal.
The Battersea Power Station Development Company will remain the active manager of the development.
A spokesperson for the development company said: ‘This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained.
‘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.’
Battersea Power Station first opened in 1933 but did not complete for another 20 years, delayed by the Second World War. It stopped producing power in 1983.
The latest deal will not affect the shareholdings of Sime Darby Property, SP Setia or EPF in the Battersea Project Holding Company, which is overseeing the £8 billion development of the broader riverside site, as masterplanned by Rafael Viñoly.
Wilkinsoneyre boiler room c rev d no fire pit
AJ reported last year that tech giant Apple is to set up its London headquarters inside Battersea Power Station’s revamped Boiler House.
Norman Foster and US architect Frank Gehry are working on neighbouring residential buildings next to a planned Northern Line station, designed by Grimshaw, serving a new extension to the power station.
Discussions over the Battersea Power Station deal are at a preliminary stage and a further announcement is expected in due course.