Stake being sold to Malaysia’s Permodalan Nasional Bhd
Battersea Power Station is reportedly being sold for a record £1.6bn to a Malaysian consortium after the spiralling cost of restoration threatened the future of this project.
The proposed deal was announced on the Malaysian stock exchange today and would make the Grade II-listed power station the most expensive building ever to change hands in the UK. The power station first opened in London in 1933.
The transaction will see ownership of the building — but not the surrounding 42 acres of land — transfer from the Malaysian consortium that owns the development company to two huge Malaysian government-backed investors.
Confirming this development, a Battersea Power Station Development Company spokesperson told media: “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.”