Malaysia’s Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) are jointly acquiring phase two of London’s Battersea Power Station (BPS) property project for £1.583 billion (US$1.99 billion) from the Malaysian consortium that owns the entire development.

The deal is being done via a special-purpose vehicle that is 65 percent–owned by PNB, Malaysia’s largest fund management company, and 35 percent by EPF, the country’s largest pension fund.

The seven-phase BPS development involves the restoration of the decommissioned Battersea power station in southwest London. Spanning 42 acres (17 hectare), the project kicked off in 2012 and is expected to be completed by 2020.

The commercial area purchased by PNB and EPF includes 540,000 square feet (50,168 square metres) of grade A offices, 420,000 square feet (39,019 square metres) of retail, food and beverage, and leisure, as well as various event spaces.

EPF has a 20 percent stake in Bat