Bloomberg News

Guardian’s London Offices to Be Sold by Developer Millican

October 05, 2011

(Updates with filing information from fourth paragraph)

Oct. 5 (Bloomberg) -- The headquarters of Guardian News & Media Ltd. in London’s King’s Cross district will be put up for sale by developer and philanthropist Peter Millican, according to a spokeswoman for the property.

“The office rent-free periods have ended” and the music and arts spaces are rented on long-term leases to their operators, Kings Place spokeswoman Erica Bolton said today in an e-mailed statement. DTZ Holdings Plc is handling the sale on behalf of Millican, who completed the development in 2008, Bolton said without disclosing an asking price.

As well as the Guardian newspaper publisher’s offices, the Kings Place has two public concert spaces, bars and restaurants. The plan to sell was reported earlier by Reuters, which said the building could fetch 235 million pounds ($362.5 million), without disclosing where it got the price information. DTZ declined to comment.

Parabola Land Ltd., whose main asset is Kings Place, held investment property valued at 181 million pounds by its directors, including Millican, at the end of March 2010, according to a regulatory filing.

The property had a historical cost of 126.7 million pounds, and Parabola owed lender Eurohypo AG 132.4 million pounds at the end of the financial year, according to accounts filed with Companies House. Millican was owed 37.9 million pounds at that time, according to the filing.

--Editors: Ross Larsen, Jeff St.Onge.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Ross Larsen in London at rlarsen2@bloomberg.net


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