Deka Immobilien's open-ended fund WestInvest InterSelect, represented by Savills, has acquired Kings Place in London's Kings Cross from Parabola Land in an off-market transaction for circa £235 million (approx. 284 million).
Kings Place was created by the developer and philanthropist Peter Millican.
Kings Place, which was designed by Dixon Jones, won a host of awards when it was completed in 2008 including the BCO 'Best of the Best'. The building provides 300,000 ft² (approx. 28,000 m²) of high specification 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 Plc and Network Rail. The music and arts facilities include a world class 420-seat auditorium, a 200-seat flexible space for concerts and conferences, practice rooms, teaching rooms and rehearsal rooms.
Kings Place 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. Peter 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.
Kings Cross has become a prominent focal point for current occupier activity in the Central London market and Kings Place represents one of the few opportunities for investors to participate in this dynamic and rapidly maturing market.
DTZ acted for Peter Millican