Royal Liver Building sold for £57m

Food manufacturing giant Princes has acquired the iconic Liverpool asset from Corestate Capital, former Everton owner Fahad Moshiri, and a group of international investors.

The £57m deal sees Princes take control of the grade one-listed Royal Liver Building, where it has been a tenant since the 1980s.

Princes, perhaps best known for its tinned fish products, plans to expand its presence within the 330,000 sq ft Royal Liver Building, “using it not only as a corporate headquarters but also as a multi-purpose venue for events, collaboration and public engagement”, the company said.

The £2.4bn turnover firm has also completed the £23m acquisition of the Symington’s Cross Green site in Leeds. Symington’s is also part of the New Princes Group.

Simon Harrison, chief executive of Princes, said: “Liverpool is an integral part of our heritage and future. Securing the Royal Liver Building reflects our commitment to this great city, our people, and sustainable success.

“The Royal Liver Building is an enduring symbol of Liverpool, and it’s an honour for Princes to call it our home.”

HSBC provided funding for the acquisition. CBRE was the sales agent and CMS provided legal advice.

The RLB transaction comes three years after Corestate shelved plans to sell the asset having failed to achieve the £90m asking price. Corestate, Moshiri, and the investors had acquired the building for £48m in 2017.

At the time, the building had a 24% vacancy rate. Today it is almost fully let.

“We are pleased to have found in Princes a buyer with both strong financial standing and a deep historical connection to the city of Liverpool and the Royal Liver Building,” said Stefan Ziegler, managing director at Hannover Leasing, a subsidiary of Corestate.

“This transaction further underlines our expertise in structuring and executing complex real estate sakes in an international context.”