Ward Yates acted in conjunction with Linklaters, KPMG and TIAA Henderson, to advise AustralianSuper, a superannuation pension fund with more than AUS$85 billion under management, on its acquisition of an indirect interest of just over 25% in the development project at King’s Cross
The critically acclaimed 67 acre King’s Cross site includes some 8 million sq ft of offices, homes, hotels, leisure, shops and restaurants, a university, galleries, schools, community facilities and music venues will remain a single entity managed by Argent.
The transaction is AustralianSuper’s first direct London investment and sees it join the King’s Cross Central Ltd Partnership investors which include Argent King’s Cross Limited Partnership, backed by Hermes Investment Management and Argent as well as London & Continental Railways Limited and DHL Supply Chain.
Jack McGougan, Head of Property at AustralianSuper said “The King’s Cross development represents a significant opportunity to invest in a world class mixed use estate. 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”.
Nick Deacon of TIAA Henderson commented: “The acquisition of what is perhaps the UK’s most successful truly mixed used regeneration led project was a tremendous achievement by AustralianSuper and the acquisition team. The transaction took little over 4 weeks to conclude, made possible by the quality and professionalism of the legal and technical teams involved”.
Victoria Yates, Partner commented: “We were delighted to work with AustralianSuper and Linklaters on this significant and exciting investment. The transaction further demonstrates Ward Yates’ expertise in working with leading advisors on high profile real estate transactions.”