German investor Deka has bought the Guardian and Observer newspapers’ headquarters in Kings Cross, N1, for £235m, reflecting a 5.6% net initial yield.
The off-market deal for the 310,000 sq ft King’s Place at 90 York Way comes two months after developer Peter Millican’s Parabola Land withdrew the property from the market.
Parabola, which bought the block in 1999, was concerned about potential buyers not fulfilling its desire to maintain the building as a home to the arts and media. However, Deka is keen to keep the building as a straight investment without changing it.
DTZ advised the vendor; CBRE and Savills are retained by Deka.
joanna.bourke@estatesgazette.com
