Barings finances Corestate's Royal Liver Building buy

By Paul Norman - Friday, May 19, 2017 9:08

Barings Real Estate Advisers, part of Barings, one of the world’s largest diversified real estate investment managers, has arranged a £29.65m financing facility for European investment manager Corestate Capital's £48m acquisition of Liverpool's famous Royal Liver Building.

The Royal Liver Building is an iconic 328,800 sq ft Grade A refurbished office building on Liverpool’s waterfront and the transaction marks the first time that the Grade I listed property has been brought to the market since its opening in 1911, as the headquarters of the Royal Liver Assurance Group.

Barings said the asset is well-positioned to benefit from the sponsor’s expertise in prime assets and strategy to preserve and strengthen its historic character through a substantial investment programme.

Chris Bates, Head of Real Estate Core Mortgage Europe, said: “This iconic deal is a strong endorsement of the flexibility of our European debt platform, as we continue to work with a wide range of investor and borrower requirements across both senior and structured debt in the European markets.”

Barings Real Estate Advisers is part of Barings LLC, one of the world’s largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.

Luxembourg-based company Corestate Capital bought the building for £48m in February.

Royal London Mutual Insurance Society instructed CBRE to sell the Grade I Listed property towards the end of last year.

The Royal Liver Building is one of the UK's best known landmarks and home to the two Liver Birds which watch over the city and the sea.

The Royal Liver Building is located at the Liverpool Pier Head and, along with the Cunard Building and Port of Liverpool Building, forms one of Liverpool's Three Graces lining the city's UNESCO protected waterfront.

The building has undergone extensive refurbishment over recent years.

It is occupied by companies including Princes Foods, ITV, HSBC, Mott MacDonald and Grant Thornton

pnorman@costar.co.uk

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