London and Continental Railways is to sell its stake in the 67-acre King’s Cross Central scheme.
The move was announced by chancellor George Osborne as part of a £3bn programme to make efficiency savings and raise capital from asset sales. The 31.5% stake is valued at £345m in the Department for Transport’s accounts.
The scheme has been one of the most successful regeneration projects in London, attracting tenants including Google, Havas and BNP Paribas to a site previously occupied by nightclubs and disused railway yards.
The King’s Cross Central Partnership, which owns the site, led by developer Argent and including Hermes, DHL Supply Chain and LCR, recently sold a
25% stake in the project for around £200m to Australian Super.
The development comprises 8m sq ft of offices, homes, hotels, leisure, shops and restaurants, a university, galleries, schools, community facilities and music venues.
LCR was a founding member of the partnership when it began work 14 years ago.
