Corestate buys Royal Liver Building for £48m
The grade one-listed Royal Liver Building in Liverpool has sold for £48m to a Luxembourg-based real estate investment manager, Corestate Capital.
The Royal Liver Building was put on the market by the Royal London Mutual Insurance Society in October for the first time, with a £40m price tag.
The iconic property, which sits alongside the Cunard and Port of Liverpool buildings at Pier Head, was built in 1911 as the headquarters of the Royal Liver Assurance Group, now Royal London.
The Royal Liver Building is made up of 330,000 sq ft of offices and events space, with 100,000 sq ft currently vacant. Occupiers include Princes Foods, ITV, HSBC, Mott MacDonald and Grant Thornton.
Thomas Landschreiber, chief investment officer of Corestate, said: “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.”
JLL and Addleshaw Goddard advised Corestate on the acquisition, CBRE and Pinsent Masons advised Royal London Mutual Insurance Society on the sale.