Irish property company Real Estate Opportunities has purchased Battersea power station in London for €595 million.
Real Estate Opportunities is 60 per cent owned by Treasury Holdings.
The 38-acre site was originally owned by Oriental Property, a company owned by the Hwang family, which also controls 100 per cent of Parkview International London.
The power station was built in 1939 to generate coal-fired electricity, but production ended in 1983.
The edifice - situated on the River Thames - ranks as one of the largest brick buildings in the world, and in 1980 it was declared a national heritage site.
The site has been earmarked for a major urban regeneration project that includes plans for housing, hotels, shops, and conference and exhibition centres.
Real Estate Opportunities said the purchase price would be partly funded from the firm's existing cash and £150 million of bank debt from the Bank of Scotland Corporate.
The balance is being satisfied by the issue by REO of loan notes to Oriental, it said.
The chairman of Real Estate Opportunities Ray Horney said the power station itself is a building that is "an iconic part of central London's heritage and is set on a site which by virtue of its size and location offers an extraordinary development opportunity.
"Those who know the work of Treasury Holdings at Spencer Dock in Dublin should have great confidence that the site is in good hands," he said
Mr Horney said his company looked forward to working closely with Wandsworth Borough Council, the relevant planning authorities and the local community to "enable the site to fulfil its potential.
Director of Oriental Property Victor Hwang said: "Our first priority has always been to ensure that the regeneration of Battersea Power Station would be seen through to completion.
Mr Hwang said: "It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed company. This will assure that there is transparency and clear reporting requirements to the public, whose affection for this iconic building has never wavered."