Health insurer Medicash has acquired One Derby Square in Liverpool city centre for £12m from Palace Capital.
The Liverpool-based company occupies office space in the 70,161 sq ft mixed-use building, which was formerly known as Pearl Assurance House.
The deal saw Medicash purchase the shares of Palace Capital (Liverpool) Ltd – a special purpose vehicle (SPV) that owned One Derby Square. The SPV has been renamed One Derby Square Ltd and is now a fully-owned subsidiary of Medicash.
Sue Weir, chief executive of Medicash, said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy. One Derby Square presents a tremendous opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.
“Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition is a testament to that commitment. We are thrilled to have completed this deal and look forward to delivering a healthy and sustainable workplace for all of our tenants.”
Mark Worthington, director at Worthington Owen, who brokered the deal, added: “This is a great investment for Medicash that will not only allow them to grow as a business but will generate a solid income stream over the years ahead. Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash, and we were delighted to help broker the deal.”
HB&O, DSG and Hill Dickinson also acted as advisors during the procurement process. Mason Owen and Hamlins acted for Palace Capital. CBRE will remain the building manager for One Derby Square.
