The government has started the process of selling its 36.5% stake in King’s Cross developer King’s Cross Central Ltd Partnership
The government has begun its search for potential buyers of its 36.5% stake in King’s Cross developer King’s Cross Central Ltd Partnership (KCCLP).
George Osborne previously announced in June the government’s decision to sell its interest, which is held through its 100%-owned subsidiary, London & Continental Railways (LCR).
Greg Hands, chief Secretary to the Treasury said: “Selling our stake in the land around King’s Cross is an important milestone which will raise money to pay down the public debt while also encouraging private sector investment in an important London site.”
Savills and investment bank Lazard have been appointed to advise the government on the sale, and interested parties are advised to make contact with the bank by
Stephen Down, Savills head of Central London investment said: “This investment not only offers a shareholding in a new London estate but also a leading mixed use regeneration scheme.
“With added phases of development underway, this represents excellent value in a market which is set to benefit from further rental growth.”
KCCLP is redeveloping 67 acres of land around Kings Cross and St Pancras stations into 8 million sq ft of mixed use space across 50 new and refurbished buildings, with 26 acres of public realm.
Secured occupiers include the likes of Google, the Aga Khan Development Network, and University of the Arts London.
Other shareholders in King’s Cross include Argent King’s Cross, the estate’s asset manager working alongside Hermes Investment Management, which retains a 32.5% holding, and AustralianSuper, an Australian pension provider, which has a 25% stake.
Savills is also selling another 6% in KCCLP for an unnamed party in conjunction with the UK Government’s shareholding.
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