The UK Prime Minister David Cameron has announced that the redevelopment of Battersea Power Station is to generate 20,000 construction jobs and 13,000 permanent jobs and cost £8bn to complete. Cameron made the statement prior to a government-organised investment conference in London today.

He also said that he expects over £1bn of deals to be revealed this summer as investors cash in on the influx of business generated by the London 2012 Olympic Games. Cameron commented: “I’m delighted at the news today about one of the big deals we were pursuing when I was in Malaysia. Battersea Power Station is one of the iconic landmarks in London.”

Battersea Power Station has been purchased for £400m by a Malaysian consortium consisting of SP Setia, Sime Darby and Employees Provident Fund (EPF) with SP Setia and Sime Darby taking 40% of a new holding company and EPF taking a 20% share.