Greek shipping magnate buys Telegraph HQ

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Achilleas Kallakis has bought the Barclay brothers’ Telegraph Newspapers headquarters in London’s Victoria.

His company, Pacific Group, paid around £218m for 111 Buckingham Palace Road, formerly known as Victoria Plaza.

The Barclay brothers, who were advised by Atisreal and Jones Lang LaSalle, bought the building from German fund manager CGI for £125m in December 2005.

Telegraph Newspapers, which the brothers own, took 134,000 sq ft on a 20-year lease at £45/sq ft last year.

The sale, which is one of the biggest in the West End this year after Shell-Mex House and the former US Navy headquarters in Grosvenor Square, comes as the latest research by Knight Frank recorded a second-quarter West End investment total of £1.3bn – more than two and a half times higher than the long-term average.

All parties refused to comment on the deal.

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