LONDON—AustralianSuper is taking a majority interest in the 67-acre King's Cross mixed-use mega-project here, as the British government sells off its stake. The government said Friday it had agreed to sell a 36.5% stake in King's Cross to the Australian pension fund for US$531 million; the sale will increase AustralianSuper's interest to 61.5%.
The initial deal for 25% in the project, announced last March, marked AustralianSuper's first direct investment in London and its second in the UK, while the latest transaction marks the UK government's exit from its investment in the eight-million-square-foot King's Cross development. For the government, it's part of a plan to pare down the country's debt by 2020 through asset sales.
This past August, the government and DHL Supply Chain announced that they would sell their combined 42% stake in King's Cross. The government's stake in King's Cross is held by its wholly-owned subsidiary, London & Continental Railways Ltd., which has overseen the development at King's Cross on its behalf for the past 20 years.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
