Battersea Power Station is set to change ownership again after it was sold to Malaysian investors in a record £1.6 billion deal announced this week.

Asian asset management firm PNB will own a majority of the power station, alongside Employees Provident Fund of Malaysia.

Despite negotiations being at an early stage the transaction was approved by the Battersea Power Station Holding Company Limited.

The Battersea Power Station Development Company (BPSDC) is in the middle of a five-year project to transform the Grade II* listed building into 250 apartments, along with retail and leisure units and office space, which will be partly used for Apple's UK headquarters.

BPSDC will said it will continue to be the 'active manager of the development'.

It is one of the most expensive deals in British history, more than the £1.3 billion sale of the ‘Walkie Talkie’ building, in the City of London, to Hong Kong investors Lee Kum Kee Groups last July.

A Battersea Power Station Development Company spokesman said: “The Battersea Power Station building would provide both investors with a unique investment opportunity to own an iconic development in the heart of London.

“With the conclusion of the proposed transaction, BPSDC will remain the active manager of the development.

“This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained.”

The reshuffle follows decades on from the initial sale of Battersea Power Station for £1.5 million to former Alton Tower Ltd owner John Broome in 1987.

It was first opened in 1933 but was not finished until 20 years later due to the Second World War, and produced around 20 percent of London’s electricity supply before being shut down for the last time in 1983.