AustralianSuper has announced that it will allocate a further $900 million to the property development in London's King’s Cross.
Following its first direct investment of 25 per cent in March 2015, AustralianSuper now holds a 67.5 per cent stake in property site King's Cross.
AustralianSuper head of property Jack McGougan said: “This investment underlines our commitment to acquiring core assets in major international cities with trusted and experienced local partners that will deliver long-term returns for our members in retirement.”
“The deal to acquire an additional 42.5 per cent stake also demonstrates the global opportunities that are available to AustralianSuper through its growing size and scale,” he said.
King’s Cross is a mixed-use office, residential and leisure site, a statement issued by the industry fund said.
“We are pleased to have secured an increased stake in this iconic mixed use development and look forward to working with our co-investors, our advisers TH Real Estate and the Argent development team to create a vibrant, commercially successful neighbourhood in Central London,” Mr McGougan said.
The acquisition follows the decision by the British government in June last year to sell its 36.5 per cent stake in the site as part of its deficit reduction program. As part of AustralianSuper's deal, it also purchased an additional 6 per cent stake in the development from Deutsche Post's DHL parcel service, the statement said.
The development is due to be completed in 2021.
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