Image: The consortium has completed the purchase

A Malaysia-based consortium including SP Setia, Sime Darby Property and the Employees Provident Fund (EPF), has closed a £400m deal for London's Battersea Power Station site.

The joint venture was named as the preferred bidder for the iconic former industrial site last month after securing an exclusivity agreement with administrators from Ernst and Young.

Battersea Project Holding Company has now been formed as the result of a new agreement, which will see developers SP Setia and Sime Darby Property each hold a 40 per cent stake. EPF holds 20 per cent.

Plans for a major regeneration of Battersea Power Station drawn up by Rafael Viñoly are to be implemented, with a gross development value of £8m over a 15-year period.

SP Setia president and CEO Tan Sri Liew Kee Sin said: "The Battersea Power Station site is undoubtedly London's most important and central urban regeneration site.

"It is important that this iconic and renowned Grade II*-listed structure is properly restored and brought back to its old grandeur."

Battersea Power Station is at located the heart of the strategic Vauxhall Nine Elms Battersea Opportunity Area, one of the largest redevelopment areas in the capital.

Details: www.simedarby.com

Image: David Samuel