The government have announced plans to sell their 36.5 percent stake in the King’s Cross redevelopment, in order to boost their finances.

The 67-acre King’s Cross Central Limited Partnership site is currently being turned into offices and residential properties and is Europe’s biggest city centre development. The sale is rumoured to be worth £500 million.

In a statement, Transport Minister Robert Goodwill said:

“By selling the government’s shares in King’s Cross Central we are selling an asset we no longer need to keep and realising its value for the taxpayer. The sale will help reduce the deficit.”

The chancellor announced in his July budget that the government would be raising £3 billion through cutting their assets.

The sale is being managed by estate agent Savills and investment bank Lazard. Prospective investors have until September to register their interest.