The £1.6bn sale of the former power station site to the Malaysian Government-backed investors will make it the most expensive British building ever.
London’s flagship regeneration project, Battersea Power Station, is set to be snapped up for a new UK record high of £1.6bn.
The Grade II listed building is currently approximately half way through a comprehensive refurbishment which is expected to complete in late 2020.
The five-year project is the largest historic building project ever undertaken in the UK and when finished, will become the heart of the wider 42-acre mixed use scheme.
On completion, the building will be approximately 25% residential use including over 250 apartments, the majority of which have already been pre-sold.
A further 25% is new office space which has already been pre-let to Apple in one of London’s largest ever office pre-lets.
The remaining balance of the building will be retail and leisure accessed from the two historic turbine halls, the leasing programme of which will commence this year.
The shareholders in the proposed new structure will be Permodalan Nasional Berhad, one of the largest asset management companies in Malaysia and the Employees Provident Fund of Malaysia.
A Battersea Power Station Development Company (BPSDC) spokesperson said: “The proposed transaction reflects the shareholders’ long-term commitment to Battersea and London.”
Discussions are at a preliminary stage and a further announcement will be made in due course.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement