The government and DHL have appointed Lazard and Savills to sell their combined £400m stake in the King’s Cross Central Partnership.
The receipts on the government’s 36.5% stake in the 5.8m sq ft mixed-use King’s Cross Central project will be returned to the Treasury.
When completed in five years, the 67-acre estate is expected to have a value of £5bn.
Chancellor George Osborne announced the sale in June.
The government’s interest in the site is held through subsidiary London & Continental Railways.
Transport minister Robert Goodwill said: “By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep and realising its value for the taxpayer. The sale will help reduce the deficit and by doing so deliver lasting economic security for working people.”
DHL also holds a 6% stake, along with partners Argent and AustralianSuper.
Chief secretary to the Treasury Greg Hands said: “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.”
Lazard will act as financial adviser, with Savills as real estate adviser.
The King’s Cross Central Partnership is redeveloping 50 new and refurbished buildings along with 26 acres of public realm.
Prospective investors have until 7 September to contact the agents.
