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Malaysian investors complete £1.6B London commercial assets acquisition

Battersea Power Station Development Co. Ltd. completed the sale of commercial assets in the Power Station building in London to Malaysian investors for roughly £1.58 billion.

Asset management company Permodalan Nasional Bhd owns a 65% stake in the joint venture that now owns the assets, while Malaysia's Employees Provident Fund Board owns the remaining 35% stake.

The building, which covers roughly six acres of the 42-acre regeneration site, is being restored and will feature hundreds of shops, restaurants, cafes, event spaces and cinemas, along with new homes upon completion at the end of 2020. Committed tenants include technology giant Apple Inc. and IWG PLC's No18 business members club.

The deal for the commercial elements was agreed upon in December 2018 following months of negotiations.

The Malaysian investors already own a 70% stake in the overall Battersea Power Station development.