UK govt starts sale of stake in King’s Cross development

Personal corporations are being invited to realize a piece of prime central London actual property because the UK Authorities cashes in on its stake within the redevelopment of.

Worldwide interest in the King’s Cross Central site is expected to be high.

The sale of the 36.5pc share in the 67-acre site is a “significant opportunity for private capital to gain exposure to one of Europe’s most important city centre regeneration projects”, according to the Department for Transport. The DfT originally invested £345m in the scheme, but could reap much more in return. Its current occupiers include Google, BNP Paribas Real Estate, the Aga Khan Development Network, and University of the Arts London.

Lazard has been appointed as financial adviser to conduct the sale, supported by Savills as real estate advisers. Potential buyers have till September to register their curiosity.

The other shareholders in the partnership are the estate’s manager, Argent King’s Cross and Hermes Investment Management with 32.5 per cent, and the pension fund AustralianSuper, which has 25 per cent. The Transport minister Robert Goodwill said: “We are selling an asset we don’t need and maximising its value to the taxpayer”. The money will go to the British Treasury to help reduce the nation’s deficit.

Stephen Down, Savills’ head of Central London funding, stated: “With added phases of improvement underway, this represents wonderful worth in a market which is about to profit from additional rental progress”.

Chancellor of the Exchequer George Osborne has announced plans to sell publicly owned assets, including stakes in Royal Bank of Scotland Plc and Royal Mail Plc, to cut the national debt. Share this text together with your community.