Malaysian real estate developer SP Setia Bhd. said the parties involved in the roughly £1.61 billion acquisition of the assets in the second phase of the Battersea Power Station project in London have mutually agreed to extend the exclusivity period of the deal.

The developer's associate, Battersea Phase 2 Holding Co. Ltd., entered into a heads of terms in January to sell the assets upon their completion to a joint venture company set up by asset manager Permodalan Nasional Bhd. and Employees Provident Fund Board.

The exclusivity period, which began Jan. 18, was extended to June 29 from a previously agreed date of April 30. The period may also expire once the parties have reached a definitive and binding agreement, which is anticipated for mid-2018, according to a release.

The second phase of the London project is being developed jointly by SP Setia and Sime Darby Property Bhd.