WestInvest InterSelect, a German fund managed by Deka Immobilien, has bought the Guardian Media Group’s HQ at King’s Cross, N1, for close to £235m – a 5.6% yield.
Parabola Land first put the 310,000 sq ft King’s Place on the market in October last year, but pulled the sale in January believing it could find a higher value as deals were completed at the adjacent 8m sq ft King’s Cross Central.
The Guardian took up residence in 2008 and occupies 150,000 sq ft on a 20-year lease at a rent of £5.2m pa.
Savills advised Deka; DTZ acted for Parabola.
