CORESTATE acquires iconic Royal Liver Building in Liverpool
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated real estate investment manager and co-investor based in Luxembourg, acquires the Royal Liver Building, a Grade A office building in Liverpool, UK. The asset, located at the world renowned UNESCO World Heritage Waterfront of Liverpool, is the landmark of Liverpool and belongs to the three graces of Liverpool. The asset was sold for GBP 48m by the Royal London Mutual Insurance Society.
The office building was extensively refurbished in 2008 to deliver a high quality business environment providing modern office space whilst retaining its original architectural features. Strong tenants include BESTINVEST, HSBC, Mott MacDonald, Pershing, Princess Limited and Universities Superannuation Scheme LTD.
Thomas Landschreiber, Chief Investment Officer of CORESTATE: “We will invest substantial funds in order to preserve and strengthen the landmark office building in the long-term. As the new owner and custodian of this iconic building, we appreciate its heritage and the importance to the people of Liverpool. This investment reflects our expertise in acquiring core premium quality assets.”
Stephanie Hacking, Fund Manager at Royal London Asset Management added: “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 delighted to have concluded the sale to CORESTATE who will no doubt be proud owners going forward.”
JLL and Addleshaw Goddard advised CORESTATE on the acquisition, CBRE and Pinsent Masons LLP advised Royal London Mutual Insurance Society on the sale.