Britain’s Government has announced the £371 million (EUR 282 million) sale to AustralianSuper of its investment in the iconic King’s Cross development. The investment in 67-acre site around King’s Cross has been sold to help reduce the deficit and build economic security.
This multi-million pound sale of the government’s investment in the 67-acre site, which is being redeveloped with offices, residential and leisure properties, has delivered real value-for-money for taxpayers through a competitive auction process, with all proceeds returning to the Treasury.
AustralianSuper, the largest pension fund in Australia, has grasped this significant opportunity for private capital to gain exposure to one of Europe’s most important city centre regeneration projects.
‘At the Spending Review the Chancellor set out how the government will fix the public finances by eliminating Britain’s deficit by 2019-20,’ Chief Secretary to the Treasury Greg Hands said.
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