The Battersesean power station development company said in a statement on Thursday that Malaysian sovereign wealth fund Permodalan Nasional Berhad (PNB) and Malaysian Employee Provident Fund have announced their intention to acquire Grade II protected buildings.
Last year, the ￡ 1.6bn deal would transfer ownership of Battersea Power Station, but not 42 acres of land around the building, exceeding the ￡ 1.28bn paid by Chinese investors in a walkie-talkie building in London.
Hybrid regeneration and regeneration projects will continue, including retail and leisure units, commercial space and 250 units already sold.
One company source insisted that the deal with Malaysian investors had nothing to do with the financial difficulties of the project but rather the benefits of Apple’s decision to set up its British headquarters in the central boiler house of a coal-fired power plant by 2021 to secure future Source of income.
The source added that the current affordable housing supply for the project will not be affected. The sources pointed out that last year this figure dropped from 636 to 386, accounting for 9% of Battersea planned redevelopment houses.
Construction projects across London are facing rising construction costs due to the decline in the value of British pounds after Brexit and the increase in the difficulty attracting skilled workers.
After the Bursa Malaysia announced the proposed transaction, a spokesman for BPSDC said: “The Battersea Power Station Complex will provide both investors with a unique investment opportunity and a landmark development in Central London.
“As the proposed transaction concludes, BPSDC will remain an active manager of development, which will create a solid platform to ensure the preservation, active management and control of historically important buildings.”
The Battersea Power Station was opened in 1933, but the generator was not completed until construction was delayed in 1953 in the Second World War.
London peaked in electricity supply by 20% until it stopped generating electricity in 1983.
A spokesman for BPSDC added: “In September 2012, Malaysian shareholders purchased the site and made significant progress, including the successful completion of the first phase of its development plan, now with more than 1,000 residents and a number of independent retailers And restaurant owner.
“The proposed new financial structure will not affect the equity interests in Sentinel Real Estate, SP Setia and EPF at the Battersea Project Holding Company, a joint venture of the Battersea project holding company.