AustralianSuper has bought a 36.5% stake in King’s Cross from the UK government for £371m.
The government stake was held by its wholly owned subsidiary, London & Continental Railways, which has overseen the development for 20 years, working with Argent, Hermes and DHL Exel through Kings Cross Central Partnership.
AustralianSuper, the largest pension fund in Australia, already owns a 25% stake in the 8m sq ft scheme – which is Europe’s largest city centre development.
Occupiers at the mixed-use regeneration scheme already include Google, the Aga Khan Development Network and University of the Arts London.
Chief secretary to the Treasury, Greg Hands, said the sale demonstrated the government’s commitment to selling its assets to help reduce national debt.
The chairman of KCCLP, Sir David Clementi, said: “AustralianSuper’s increased share demonstrates its confidence in the remaining future growth in value of King’s Cross, as we enter the final five years of construction.”
Savills acted for the government with financial advice provided by investment bank Lazard.
EY provided financial and tax vendor due diligence to the Department for Transport.
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