LONDON - London's iconic but derelict Battersea Power Station has been acquired by a Malaysian consortium for 400 million pounds (S$786 million), the new owners said Thursday.

The consortium is made up of Sime Darby Berhad and SP Setia Berhad, which each take a 40 per cent stake, and the Employees Provident Fund (EPF), which takes the remaining 20 per cent.

The move came four weeks after SP Setia and Sime Darby were chosen as preferred bidders, dashing Chelsea Football Club's hopes of buying the 39-acre (15.8-hectare) site and turning it to a new 60,000-seater stadium.

The new owners are set to develop homes and shops on the site in a 15-year project worth around ?8 billion.

"The Battersea Power Station site is undoubtedly London's most important and central urban regeneration site," said Tan Sri Liew Kee Sin, president and CEO of SP Setia, in a statement.

"This is truly a golden opportunity for the partners to make our mark as global property players."

Battersea Power Station is one of the most iconic sights on the London skyline.

Its centrepiece is the giant red-brick power station and four giant chimney stacks that were depicted on the cover of Pink Floyd's 1977 album "Animals".

These listed or protected features are expected to be preserved in the new development.