The government has announced the beginning of the sale process of its stake in the redevelopment of King’s Cross with the proceeds returning to the Treasury. The news follows Chancellor George Osborne’s announcement that the government intended to sell its investment in King’s Cross Central Limited Partnership (KCCLP) in June.
Transport Minister Robert Goodwill, who launched the sale today, commented: “By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep realising its value for the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.”
The government’s 36.5% interest in KCCLP offers a significant opportunity for investors to gain exposure to one of Europe’s most significant urban regeneration schemes, and Lazard has been appointed as financial adviser to ensure a competitive sale process.
Greg Hands, Chief Secretary to the Treasury, added: “Cutting the deficit and building a strong economy are priorities for this government. The key to this is getting out of the business of owning assets that should be in the private sector.”
The mixed-use King’s Cross estate will deliver 8 million sq ft of office, retail and leisure space along with apartments and educational establishments. In total it will comprise 50 new and refurbished buildings, 20 new streets and squares, parkland and three new bridges across the Regent’s Canal, all in close proximity to King’s Cross Station and St Pancras Station.
Prospective investors should contact Lazard by 7 September.
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