Two Malaysian state-backed funds have agreed heads of terms to acquire phase two of Battersea Power Station in a deal that values the development at an estimated £1.6bn.
Asset management group Permodalan Nasional Berhad (PNB) and pension fund Employees Provident Fund (EPF) of Malaysia are poised to acquire the building from the Battersea Phase 2 Holdco set up by Malaysian developers Sime Darby Property and SP Setia, in a deal that would eclipse last year’s £1.28bn purchase of the Walkie-Talkie.
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