Australia’s largest pension fund AustralianSuper has reportedly agreed a deal to buy a 20% stake in the King’s Cross Central mixed-use development in London for £200 mln (€270 mln).

Australia’s largest pension fund AustralianSuper has reportedly agreed a deal to buy a 20% stake in the King’s Cross Central mixed-use development in London for £200 mln (€270 mln).

According to news reports in UK trade journal Property Week, landlords Argent, DHL and London and Continental Railways appointed Rothschild and GM Real Estate to sell the stake at the end of last year.

AustralianSuper, with A$75 bn (€51 bn) of pension assets under management, made its first foray into the UK property market in December 2013 when it joined forces with the BT Pension Fund to buy a 50% stake in the thecentre:mk shopping mall in Milton Keynes for £270 mln.

When contacted by PropertyEU, AustralianSuper declined to comment on the report.

At 67 acres (27 hectares), King’s Cross Central is a major mixed-use development which will include 2,000 new homes, 3.4 million sq ft (316,000 m2) of office space across 50 new buildings including Google’s new £1 bn European head office.

The news comes two days after another foreign investment fund, China Minsheng Investment, announced plans to invest in the £1 bn (€1.35 bn) development of a new commercial district in London.

The private equity firm said it would become the majority investor in London’s Royal Albert Docks project, which was first unveiled by Chinese developer Advanced Business Park (ABP) in 2013.

The site is expected to house over 300,000 m2 of work, retail and leisure space, including 230,000 m2 of offices on completion in 2017.