Herbert Smith Freehills and Ogier have advised LCR on the sale of their interests in the King's Cross Central Partnership (which is the entity that owns and is developing King's Cross Central) to AustralianSuper following the conclusion of a competitive bid process.
Real estate partner Julian Pollock, and corporate real estate senior associate Paul Chases, led the Herbert Smith Freehills team on the sale.
Katrina Edge led the Ogier team which advised on Jersey law.
King's Cross Central (which is one of Europe's most important city centre regeneration projects) is the 67 acre site lying between King's Cross and St Pancras Stations.
It is being developed into 8 million square feet of mixed use space, consisting of offices, apartments, retail space, educational establishments and leisure areas across 50 new and refurbished buildings, and with 26 acres of public realm (including 10 new parks and squares, 20 new streets and 3 new bridges across the Regent’s Canal).
Its current occupiers include the University of Arts London, the Aga Khan Development Network, Google, Camden Council, Waitrose and Jamie Oliver.
Herbert Smith Freehills has exclusively advised LCR in relation to King's Cross Central since the 1990s on the competitive process for the appointment of the developer, the original Master Plan Project Agreement, the land assembly and infrastructure works to prepare for development, the formal establishment of the King's Cross Central Partnership in 2009 and LCR's position as partner in the King's Cross Central Partnership.
Julian Pollock commented, "whilst it feels like the end of an era, the firm is enormously proud of its involvement in a world class regeneration project such as King's Cross Central, having seen and helped it evolve from a largely derelict site to a vibrant new neighbourhood."