Clayton Sq. Liverpool, P.Rivington Hark
Redical was set up in 2020 to invest in protech start ups and real estate. Credit: via Rivington Hark

Redical buys Liverpool’s Clayton Square for around £21m 

Dan Whelan

The fledgling investment company has bought the 170,000 sq ft shopping centre from Patrizia, its maiden purchase. 

Redical is run by Mikko Syrjanen and Petteri Barman, the co-founders of Aalto Invest, and was set up to invest in real estate and proptech start-ups. 

Established in 2020, the company “invests its capital and expertise towards scalable real asset opportunities and game-changing digital technologies, which disrupt and revitalise traditional real estate towards a more sustainable future”, according to its website. 

The company made the purchase of Clayton Square in Liverpool City Centre on an unleveraged basis with the backing from its founders and institutional co-investors, according to strategic advisor RivingtonHark. 

Mark Williams, executive director of RivingtonHark, said: “We are excited to see Redical entering the UK retail sector with long-term capital and fresh ideas, and we look forward to working together with the Redical team to further revitalise and future-proof selected retail assets.” 

RivingtonHark is retained as strategic advisors to support Redical on its expansion into the UK retail market. Redical has appointed Reset Asset Management as an asset manager for Clayton Square. 

Clayton Square comprises 24 units let to a range of occupiers including Boots, McDonalds, Tesco, EE and B&M. 

Redical bought the Ranelagh Street complex for around £21m, significantly less than it transacted for in 2016. 

Rockspring bought Clayton Square from InfraRed Capital Partners in March 2016 for £38.4m, with Patrizia then acquiring Rockspring in December 2017.

Stephenson Harwood and Time Retail acted for Redical on the purchase and whilst Maples Teesdale and KLM advised Patrizia. 

Redical has announced its intention to acquire further assets in this space, with a view to build a portfolio of “fit for purpose” UK shopping centres on a buy-and-hold basis. 

Redical declined to comment when contacted by Place North West. 

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Clayton Square was pretty decent when it first opened but fairly mediocre now, however it`s still a reasonably attractive building, so if the new owners give it an uplift and get better retail and other leisure in then it can be revived.
I wish someone would prise the nearby Lyceum building from the ownership of Panther Securities, as it`s been largely empty for some years now.

By Anonymous

a “buy-and-hold” doesn’t sound very exciting…sounds like they just want to sit on it as a fixed asset, maybe to offset their risk elsewhere….

By Anonymous

As soon as someone says… housing units…we will know the worst..

By Tercol

The whole of the city centre is being flogged off, public highway becomes private land, it’s a disgrace. You can already walk from Central Station to the Pier Head, hardly touching public land!

By Roger Bannister