AustralianSuper has made its first direct investment in London, with a 25 per cent stake in a King’s Cross site.
The King’s Cross investment is the industry fund’s second in the UK, and follows the recent $1.1 billion purchase of a 25 per cent stake in Hawaii’s Al Moana Center, further signalling the fund’s growing appetite for international property.
The $84 billion fund will join the King’s Cross Central Ltd Partnership (KCCLP) investors which include London & Continental Railways Limited (LCR), DHL Supply Chain, and Argent King’s Cross Ltd Partnership, backed by Hermes Investment Management.
The 67-acre King’s Cross site includes eight million square feet of offices, homes, hotels, leisure, shops and restaurants, a university, galleries, schools, community facilities and music venues.
“The King Cross development represents a significant opportunity to invest in a world-class mixed-use estate,” AustralianSuper head of property Jack McGougan said.
“This will be our second major foray into the UK property market in partnership with Hermes Investment Management and underlines our commitment in pursuit of our strategy to acquire core assets in major international cities with trusted and experienced local partners,” said Mr McGougan.
Argent managing partner David Partridge noted: “This investment endorses the success of the King’s Cross development and asset management strategy, and demonstrates the site’s value as it matures into an established part of the capital.”
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