Two Malaysian funds have taken a £1.6bn stake in the redevelopment of Battersea power station.
Permodalan Nasional Berhad, one of Malaysia’s largest asset managers, and the Employees Provident Fund, a state pension fund, have created a joint venture to buy the commercial part of the power station building on the south bank of the Thames.
The building includes the space let to Apple and No18, a business members’ club owned by IWG, the workplace group, and other retail space that has yet to be let. The deal had been due to complete in the first half of this year, but had been delayed owing to the “scale and complexity of the transaction” and the need for “proper due diligence” and regulatory approvals.
