Two Malaysian investors are lining up a deal to take a direct stake in the Battersea Power Station in south London, as work continues to turn the Grade II* listed building into shops, apartments and offices.

Battersea Power Station Development Company said that the joint venture that holds the project is restructuring the ownership of the building. The £1.6bn deal, one of the largest ever purchases of a single UK property, would see Malaysian investors Permodalan Nasional Berhad, an asset manager, and the Employees Provident Fund of Malaysia take ownership directly.