Barings Real Estate Advisers has arranged a financing facility, reflecting a 62% loan-to-value ratio, for Corestate Capital's acquisition of the historic Royal Liver Building in Liverpool.
Corestate, a Luxembourg-based investment manager, acquired Royal Liver Building for £48 mln (€56 mln) last February. Barings' acquisition financing for the deal amounts to £29.65 mln (€34.6 mln).
'This iconic deal is a strong endorsement of the flexibility of our European debt platform, as we continue to work with a wide range of investor and borrower requirements across both senior and structured debt in the European markets,' commented Chris Bates, head of real estate core mortgage Europe at Barings.
The Royal Liver Building is a 30,550 m2 Grade A refurbished office property, which is integral to Liverpool's Unesco-designated World Heritage Waterfront. The transaction in February marked the first time that the listed property has been brought to the market since its opening in 1911 as the headquarters of the Royal Liver Assurance Group.
The office building was refurbished in 2008 to provide modern office space whilst retaining its original architectural features. Occupiers in the building include Bestinvest, HSBC, Mott MacDonald, Pershing, Princes Foods and Universities Superannuation Scheme.
