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| UK government to sell stake in King's Cross redevelopment | |
| (about 1 hour later) | |
| The UK government has fired the starting gun on the sale of the taxpayer’s stake in London’s King’s Cross development, as the sell-off of state assets gathers pace. | The UK government has fired the starting gun on the sale of the taxpayer’s stake in London’s King’s Cross development, as the sell-off of state assets gathers pace. |
| The taxpayer’s 36.5% stake in the King’s Cross Central Partnership – the group developing the 27-hectare (67-acre) site with offices, shops, colleges, homes and and parks – is expected to raise £360m, according to the Office for Budget Responsibility (OBR). | The taxpayer’s 36.5% stake in the King’s Cross Central Partnership – the group developing the 27-hectare (67-acre) site with offices, shops, colleges, homes and and parks – is expected to raise £360m, according to the Office for Budget Responsibility (OBR). |
| Related: All hail the new King’s Cross – but can other developers repeat the trick? | Related: All hail the new King’s Cross – but can other developers repeat the trick? |
| The entire estate, Europe’s largest city-centre development, is likely to be worth more than £5bn when it is completed in five years’ time. | The entire estate, Europe’s largest city-centre development, is likely to be worth more than £5bn when it is completed in five years’ time. |
| The development has transformed the once-dingy streets around King’s Cross station into a buzzing area with arts venues and hipster bars and coffee shops. The University of the Arts London has moved in, with Google set to follow. | The development has transformed the once-dingy streets around King’s Cross station into a buzzing area with arts venues and hipster bars and coffee shops. The University of the Arts London has moved in, with Google set to follow. |
| The site encompasses 5.8m sq ft of office space, apartments and shops, with 50 new and refurbished buildings, 20 new streets, 10 new parks and squares and three new bridges and walkways over Regent’s Canal. | The site encompasses 5.8m sq ft of office space, apartments and shops, with 50 new and refurbished buildings, 20 new streets, 10 new parks and squares and three new bridges and walkways over Regent’s Canal. |
| The investment bank Lazard will handle the government’s sale, with help from the estate agent Savills. | The investment bank Lazard will handle the government’s sale, with help from the estate agent Savills. |
| The logistics firm DHL is also selling its 6% stake in the King’s Cross estate. Other shareholders include the pension provider AustralianSuper, which holds a 25% stake, and Argent King’s Cross, the estate’s asset manager working with Hermes Investment Management, which holds 32.5%. | The logistics firm DHL is also selling its 6% stake in the King’s Cross estate. Other shareholders include the pension provider AustralianSuper, which holds a 25% stake, and Argent King’s Cross, the estate’s asset manager working with Hermes Investment Management, which holds 32.5%. |
| The King’s Cross sale is just a small part of George Osborne’s privatisation programme, which aims to raise £64bn by the end of the parliament. | The King’s Cross sale is just a small part of George Osborne’s privatisation programme, which aims to raise £64bn by the end of the parliament. |
| The chancellor has promised to deliver the most lucrative privatisation programme ever, with the student loan book, worth £12bn, the nuclear fuel processor Urenco and the taxpayer’s remaining 15% stake in Royal Mail up for grabs. | The chancellor has promised to deliver the most lucrative privatisation programme ever, with the student loan book, worth £12bn, the nuclear fuel processor Urenco and the taxpayer’s remaining 15% stake in Royal Mail up for grabs. |
| The biggest assets are the taxpayer’s stakes in the bailed-out Royal Bank of Scotland (£23bn) and Lloyds (£13bn). The sell-off has already begun, with the taxpayer taking a £1bn loss on RBS. | The biggest assets are the taxpayer’s stakes in the bailed-out Royal Bank of Scotland (£23bn) and Lloyds (£13bn). The sell-off has already begun, with the taxpayer taking a £1bn loss on RBS. |
| The government hopes to raise £32bn from privatisation in 2015 and a further £32bn by the end of the current parliament in 2019-20, according to the OBR, the government’s fiscal watchdog. | The government hopes to raise £32bn from privatisation in 2015 and a further £32bn by the end of the current parliament in 2019-20, according to the OBR, the government’s fiscal watchdog. |
| Announcing the King’s Cross sale, the transport minister, Robert Goodwill, said: “By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep and realising its value to the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.” | Announcing the King’s Cross sale, the transport minister, Robert Goodwill, said: “By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep and realising its value to the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.” |
| Stephen Down, Savills head of central London investment, said: “With added phases of development underway, this represents excellent value in a market which is set to benefit from further rental growth.” | Stephen Down, Savills head of central London investment, said: “With added phases of development underway, this represents excellent value in a market which is set to benefit from further rental growth.” |