Norton Rose and Linklaters have taken the lead roles on the £400m acquisition of London's landmark Battersea Power Station by a Malaysian consortium.

The deal, which was confirmed this week, has seen Malaysian property developer SP Setia and Malaysian conglomerate Sime Darby join forces to emerge as the successful bidder ahead of rivals including Chelsea Football Club.

Norton Rose advised the buyers on all aspects of the acquisition, with a team led by real estate partner Dan Wagerfield alongside real estate partners David Sinclair and Charlotte Bijlani, infrastructure partner Chris Hill and environment partner Caroline May.

The landmark power station went into administration last year, with Ernst & Young appointed to handle the process. Magic circle firm Linklaters led for Ernst & Young on the sale, with a team comprising real estate partners Mark Burgess-Smith and Bakul Shah and restructuring and insolvency partner Rebecca Jarvis.

Wagerfield commented: "We were chosen to represent the bidders not just for our real estate expertise but the expertise we have in planning, environmental, banking and tax. It was the complete package that attracted them to us."

"This acquisition marks SP Setia and Sime Darby's first foray into Europe and, for SP Setia, a significant first step on the road to becoming a global property player. We're continuing to see interest among overseas investors in prime London real estate, much of which is coming via our international offices."

The development of the listed power station site is expected to create 3,700 homes, a new underground station and more than 2.4 million square feet of office, leisure and retail space, built over the next 12 years. The deal is expected to close by early September.

Linklaters was one of a number of law firms – including Ashurst, Clifford Chance and SNR Denton – to take related roles on the £1.96bn debt restructuring of the power station's ownership last year.