LONDON—AustralianSuper is taking a majority interest in the 67-acre King’s Cross mixed-use mega-project here, as the British government sells off its stake. The government said Friday it had agreed to sell a 36.5% stake in King’s Cross to the Australian pension fund for US$531 million; the sale will increase AustralianSuper’s interest to 61.5%.

The initial deal for 25% in the project, announced last March, marked AustralianSuper’s first direct investment in London and its second in the UK, while the latest transaction marks the UK government’s exit from its investment in the eight-million-square-foot King’s Cross development. For the government, it’s part of a plan to pare down the country’s debt by 2020 through asset sales.

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