The Government has sold its investment in the King’s Cross development to pension fund AustralianSuper for £371 million.
The 67-acre site around the station is being redeveloped with offices, residential and leisure properties. The decision to sell the investment was announced by the Chancellor in June 2015, and the Government says the sale is the result of a competitive auction process, with all proceeds returning to the treasury. The stake is held by wholly-owned subsidiary London and Continental Railways, which has overseen the King’s Cross development.
Transport Minister Robert Goodwill said: ‘I am delighted that the sale of government’s shares in King’s Cross Central, an asset we no longer need to keep, has enabled us to realise its value for the taxpayer’.