A near-£1.6bn deal has been agreed to restructure the ownership of commercial property in Battersea Power Station’s redevelopment in South London, with Malaysian investors taking direct control from the developers.

Permodalan Nasional Berhad, the Malaysian asset manager, and The Employees Provident Fund, the state pension fund, will acquire the commercial assets for £1.58bn from developers Sime Darby Property and S P Setia Berhad, through which the funds already own an indirect majority stake.