L&G makes £120m bid for India Buildings
L&G is understood to be close to agreeing a deal to acquire Liverpool’s landmark India Buildings from Shelborn Asset Management for around £120m, which if it goes through would be the highest value property sale in the city’s history.
Place North West understands that the purchase will be completed once the Government Property Unit confirms its occupation of the majority of the 350,000 sq ft offices in the Water Street building.
India is set to house one of 13 new hubs for the HM Revenue & Customs, as revealed in November. HMRC is yet to confirm its move, but the letting is expected to be announced in the coming months.
Such a deal would represent a tidy exit for Shelborn, which acquired the building from Green Property in January 2016 for £17m, at which point it was 80% vacant. In November, Shelborn acquired the nearby Exchange Flags for £42m from Hudson Advisors.
Shelborn is being represented by Knight Frank. All parties declined or were unavailable to comment.