Luxembourg-based investor Coresetate Capital has exchanged contracts to acquire the Royal Liver Building, a Grade A office building in Liverpool, for £48 mln (€56 mln).
The building’s longstanding owner, Royal London Mutual Insurance Society, appointed CBRE to sell the Grade I-listed property last October. It had not appeared on the market since its launch in 1911 as the headquarters of the Royal Liver Assurance Group.
'As the new owner and custodian of this iconic building, we appreciate its heritage and importance to the people of Liverpool. This investment reflects our expertise in acquiring premium quality property assets and we intend to invest substantial funds in order to preserve and strengthen this landmark office building over the long-term,' commented
Thomas Landschreiber, chief investment officer of Corestate.
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.
'It has been a huge honour to be involved in the sale of the Royal Liver Building. It is a unique property with a tremendous history and prestige. We were delighted to have received such considerable interest in the asset and very pleased to have concluded the sale to Corestate who will no doubt be proud owners going forward,' said Stephanie Hacking, fund manager at Royal London Asset Management.
'It is rare to see an asset like the Royal Liver Building come to market and advising on this sale has been a huge privilege. As we anticipated, the property attracted significant interest from investors across the world and we are delighted to have concluded the sale with Corestate,' said Colin Thomasson, executive director at CBRE.
'Liverpool is experiencing a resurgence, with significant activity across the City, and this investment from a respected International Investor is yet another sign of confidence in the future of the City of Liverpool,' Thomasson concluded.
JLL and Addleshaw Goddard advised Corestate on the acquisition, while CBRE and Pinsent Masons LLP advised Royal London Mutual Insurance Society on the sale.
