Deka snaps up Guardian HQ in London for EUR 283m

German open-ended fund manager Deka Immobilien has closed another high-profile acquisition this week with the purchase of Kings Place in London’s King Cross from Parabola Land in an off-market transaction worth £235 mln (EUR 283 mln). The property is earmarked for Deka's open ended fund WestInvest InterSelect.

The deal adds to Deka's acquisition on Monday of The Rock office tower in Amsterdam for EUR 132 mln.

Kings Place, which was designed by Dixon Jones, won a host of awards when it was completed in 2008. The building provides 300,000 sq ft of office accommodation built above three levels of world-class music and arts facilities together with waterside bars and restaurants. The offices are fully let and incorporate the headquarters of both the Guardian Media Group and Network Rail.

The scheme was created by the developer and philanthropist Peter Millican, who has gifted a 99-year lease over the music facilities to the Kings Place Music Foundation at a peppercorn rent. Millican will continue as CEO of the music charity. The building also incorporates two art galleries, Kings Place Gallery and Pangolin London, which is one of the UK’s largest sculpture spaces.

Savills advised Deka. DTZ acted for Millican.