A company backed by Irish group Treasury Holdings has bought London’s landmark development Battersea Power Station for £400m

Battersea’s current owner Parkview International announced this morning that it had exchanged contracts to sell the site to Real Estate Opportunities, a quoted group where Treasury is the majority shareholder.

The deal sees Real Estate Opportunities buying a 100% interest in the 38 acre site at riverfront Wandsworth, with Parkview reinvesting 37.5% of the value of the site back into Real Estate Opportunities.

Parkview President Victor Hwang said: `It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed company.

`This will assure that there is transparency and clear reporting requirements to the public, whose affection for this building has never wavered.’

Development around the power station is expected to begin with a major residential element, with a mixed use scheme in and around the power station set to follow later.

Real Estate Opportunities chairman Ray Horney said: `Those that know the work of Treasury Holdings at Spencer Dock in Dublin should have great confidence that the site is in good hands.

`Spencer Dock, which at some 52 acres is Dublin’s largest urban regeneration project, has proved both commercially successful and a magnificent addition to Dublin’s building stock.’