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UK Government puts King's Cross stake up for sale for £500 million | UK Government puts King's Cross stake up for sale for £500 million |
(1 day later) | |
Agent Savills and investment bank Lazard are selling a 42.5% stake on behalf of the Government and deliveries giant DHL in the 67-acre site around King’s Cross and St Pancras station, whose occupiers include Google and advertising agency Havas. | |
When completed in five years’ time, the scheme could be worth around £5 billion. | When completed in five years’ time, the scheme could be worth around £5 billion. |
The Government holds a 36.5% stake in the project but is selling it under plans announced in July’s Budget to raise around £3 billion through asset sales to cut the deficit. | The Government holds a 36.5% stake in the project but is selling it under plans announced in July’s Budget to raise around £3 billion through asset sales to cut the deficit. |
DHL is also selling its 6% stake. | DHL is also selling its 6% stake. |
The other shareholders in the partnership are the estate’s manager, Argent King’s Cross and Hermes Investment Management with 32.5%, and pension fund AustralianSuper, which has 25%. | The other shareholders in the partnership are the estate’s manager, Argent King’s Cross and Hermes Investment Management with 32.5%, and pension fund AustralianSuper, which has 25%. |
Transport minister Robert Goodwill said: “By selling the Government’s shares in King’s Cross Central we are selling an asset we don’t need to keep and maximising its value to the taxpayer.” | Transport minister Robert Goodwill said: “By selling the Government’s shares in King’s Cross Central we are selling an asset we don’t need to keep and maximising its value to the taxpayer.” |
Savills’ head of central London investment, Stephen Down, added: “This investment not only offers a shareholding in a new London estate but also a leading mixed-use regeneration scheme. | Savills’ head of central London investment, Stephen Down, added: “This investment not only offers a shareholding in a new London estate but also a leading mixed-use regeneration scheme. |
“King’s Cross is a key European gateway to London and in creating a new area of London.”The estate consists of offices and apartments, as well as 10 new parks and squares, 20 streets and three bridges across the Regent’s Canal. | “King’s Cross is a key European gateway to London and in creating a new area of London.”The estate consists of offices and apartments, as well as 10 new parks and squares, 20 streets and three bridges across the Regent’s Canal. |
Its position at the heart of the transport network — with access to six Tube lines as well as national and international rail links — appealed to commercial occupiers | Its position at the heart of the transport network — with access to six Tube lines as well as national and international rail links — appealed to commercial occupiers |
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