Aberdeen Asset Management has bought the 107,000 sq ft 4 St Paul’s Square in Liverpool from English Cities Fund, for £18.7m.
English Cities Fund is a joint venture between Muse Developments, Legal & General and the Homes & Communities Agency.
The JV completed the development of 4 St Paul’s in 2011.
The building forms part of the wider St Paul’s Square development which includes two other offices, a residential block and multi-storey car park, all developed by ECf.
Current occupiers include Santander, Mercers, CBRE and GVA, although the building is around 40% vacant.
Phil Mayall, development director at Muse, said: “ECf is proud to have developed the final phase of St Paul’s Square. This is a high quality scheme and has established the area as the City’s prime CBD office and mixed use location. We wish Aberdeen well in their ownership.”
Robert Cass, head of UK property transactions at Aberdeen Asset Management, said: “The city continues to show strong growth and demand for high quality office accommodation with considerable office stock also being converted to other uses.
“ECf has created a first class development and a very attractive environment for modern occupiers at St Paul’s Square and we look forward to capitalising on the strong demand existing for space in the building.”
Aberdeen Asset Management was advised by Parkinsons and Worthington Owen; ECf was advised by GVA.