The consortium, which outbid competition from 15 other interested parties, comprises SP Setia, Sime Darby and the Employees’ Pension Fund of Malaysia.
The deal was managed by Knight Frank and Ernst & Young Real Estate Corporate Finance on behalf of the current owners - the adminstrators of Irish firm Real Estate Opportunties (REO). REO bought Battersea Power Station for £400m in 2006, but whose plans to refurbish it fell through due to bad debt.
Planning consent is already in place for the Grade II-listed building and surrounds - often used to host events - to be redeveloped into 3,500 homes, 1.7 million square feet of office space, hotels and retail units. It will also provide London with two new Underground stations and extensions from the Northern Line.
The process kicked off in February 2012 with an international marketing campaign.
Fergal O’Reilly, director at Ernst & Young Real Estate Corporate Finance, said: "The international marketing campaign has achieved a fantastic result, which some thought unlikely if not impossible, returning a number of highly credible bids from across the globe, and ultimately resulting in an exchange of contracts with the SP Setia consortium. The sale of Battersea Power Station is testament to the continuing draw of London as a centre for global investment."
Stephan Miles-Brown, head of residential development at Knight Frank, added: "Throughout the six-month marketing process, which attracted investors from countries as diverse as Kazakhstan, South Africa, China, Indonesia and Brazil, we enjoyed excellent support and encouragement from all key stakeholders – in particular the London Borough of Wandsworth, the Mayor’s office, Transport for London, and English Heritage."