Aberdeen Asset Management has completed the acquisition of 4 St Paul’s Square, Liverpool from English Cities Fund, a joint venture comprising Muse Developments, Legal & General and the Homes and Communities Agency.
The building was completed in 2011 and totals around 107,000 square feet of Grade A office space located in the commercial business district of the city. The building is part of the wider St Pauls Square development which consists of two other office buildings, a residential block and multi-storey car park, all developed by ECf.
The building was acquired for £18,700,000 and is currently approximately 40% vacant. Current occupiers include Santander, Mercers, CBRE and GVA. Strong interest exists in the vacant space with one whole floor currently in legals.
Phil Mayall, Development Director at Muse Developments, commented: “ECf is proud to have developed the final phase of St Pauls 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, commented: “We are delighted to have acquired this multi-let office investment for one of our Funds. 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 Pauls’s Square and we look forward to capitalising on the strong demand existing for space in the building”.
Aberdeen Asset Management was advised by Worthington Owen and English Cities Fund (General Partner) Ltd was advised by GVA.