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Government puts Kings Cross stake on sale for £500m

The government has put its stake of the King’s Cross Central development on sale for £500m.

Agent Savills and investment bank Lazard are selling a 42.5% stake on behalf of the Government and have urged deliveries giant DHL and interested parties to register their interest by September 7.

The 67-acre scheme around King’s Cross and St Pancras station in London, whose occupiers include Google, advertising agency Havas and the property business of French bank BNP Paribas, could be worth £5bn when it is completed.

The government’s decision to sell its 36.5% stake in the project was announced in July’s budget as part of a plan to raise £3 billion through asset sales to cut the deficit.

The scheme comprises of 50 new buildings with shops, offices and 2,000 new homes.

Transport minister Robert Goodwill said: “By selling the Government’s shares in King’s Cross Central we are selling an asset we don’t need to keep and maximising its value to the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.”

Chief secretary to the Treasury Greg Hands added: “Cutting the deficit and building a strong economy are priorities for this government. Key to this is getting out of the business of owning assets that should be in the private sector. Selling our stake in the land around King’s Cross is an important milestone which will raise money to pay down the public debt while also encouraging private sector investment in an important London site.”

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