Australia pensioners $3.5bn richer
25 January 2016 by News Desk
Pensioners in Australia could be around $3.5bn richer thanks to a famous London railway station.
The wallet-busting windfall has come after the UK government sold a major stake in the development of London’s King’s Cross railway station (pictured) to AustralianSuper, the biggest pension fund in Australia.
AustralianSuper already owned a 25% stake in the new development that financial analysts say will be worth around $5bn when it is completed.
The new deal will see AustralianSuper take a further 36.5% stake in the development, at a cost of £371 million, giving it more than 60% ownership of the site, one of the biggest construction projects in Europe.
The development around King’s Cross station involves a 67-acre plot which will include new homes, offices, schools and retail space.
