The UK government has started the firing gun on the sale of its 36.5% stake in Europe’s largest city centre redevelopment scheme, at London’s Kings Cross, which is expected to fetch above £360m.
The sale in King’s Cross Central Limited Partnership (KCCLP), the company which is developing 50 new and refurbished buildings totalling 7.9m sq ft adjacent to London’s King’s Cross Station, follows the 25% stake sale by existing non-government shareholders in March.
The sell-off of the government’s stake is twinned with the sale of logistics provider DHL’s 6% stake. Together, the combined 42.5% stake could fetch around £419.2m, implying the entire regeneration scheme valued at £986.3m.
The majority of the King’s Cross scheme is forecast to be built and let by 2021.
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