Linklaters advises AustralianSuper on its acquisition of the UK Government’s interest in major Central London development site, King’s Cross
Linklaters has advised AustralianSuper on its acquisition of a further 42% interest in a development project at King’s Cross. This transaction follows AustralianSuper’s initial acquisition of a 25% interest in April 2015.
In the most recent acquisition, the sellers were the UK Government (through its subsidiary London and Continental Railways) as to 36.5% and DHL (owned by Deutsche Post) as to 6%.
According to the UK Government’s press release, over 100 investors from across the globe expressed an interest in the competitive tender process, which was managed by Lazard and Savills. The Government also said that the proceeds of the sale will be returned to Her Majesty’s Treasury (HMT), to be reinvested into the public purse.
The King’s Cross project, which spans a 67 acre site in Central London, will be comprised of over 50 new and refurbished buildings with a total value once complete (in around 2020) of approximately £5bn.The mixed use scheme will consist of 2,000 homes, around 3.4 million sq ft (316,000 sq m) of office space and around 500,000 sq ft (46,400 sq m) of retail and leisure space, as well as hotel, university and community space.
AustralianSuper is an Australian superannuation fund and this is their third significant investment in the UK property sector, following on from their initial investment in the Kings Cross development and after acquiring a 50% interest in thecentre:mk in Milton Keynes in December 2013.
For further information please contact Katie Taylor on 020 7456 2287