A Malaysian consortium comprising property group, SP Setia, multinational conglomerate Sime Darby and Malaysia’s Employees Provident Fund has acquired the Battersea Power Station for £400 million (US$641 million). 

The proposed development, which will be a 15 year project, may ultimately cost up to £8 billion and create 25,000 jobs.

The landmark power station went into administration in 2011, with Ernst & Young appointed to handle the sale process with magic circle firm Linklaters leading the sale for Ernst & Young.

Malaysian firms Shearn & Delamore and Wong and Partners and a team from offshore law firm, Mourant Ozannes, acted for the Malaysian consortium in connection with the acquisition.

The move is the latest example of emerging markets investors buying trophy properties in the West. In 2008 financing for London's much-feted Shard skyscraper dried up - the project was rescued by a consortium of investors from Qatar, who pumped £150 million into the project in exchange for an 80 per cent stake.

"The acquisition of the Battersea Power Station property is a reflection of a trend we see of investment from the Asia region into blue chip investments in other parts of the world," said Paul Christopher, managing partner of Mourant Ozannes' Asia office.

"We see further opportunities in this area as Asian sovereign wealth and pension-fund clients continue to invest overseas, in this case in the London commercial property market," he added.