A prominent Liverpool city centre office building, which is home to the Liverpool Echo, Bank of Scotland and DWF, has been sold after being put up for sale for just under £35m.
Number 5 St Paul's Square had been put on the market by investment giant abrdn earlier this year.
It was originally built in 2008 and includes 136,000 sq ft over the ground and seven upper floors.
European Fund Manager Forma Real Estate (Forma) has now completed the acquisition of the building, its second in the UK after launching last year, the Echo reports.
Just off Old Hall Street, Number 5 St Paul's Square is also let to Hays Recruitment and the Liverpool ECHO's parent company Reach PLC.
The Echo was based over the road in Old Hall Street from 1973 until 2018 when the building was sold and staff moved into the new offices in St Paul's Square.
Forma Real Estate Fund's UK chief executive Chris Taylor said: "We are delighted to have completed the acquisition of 5 St Paul’s Place.
"The purchase is in line with our strategy to acquire high quality, central business district, income producing assets.
"We continue to target properties with potential to add value through active asset management initiatives in particular those where we can invest capital to not only improve both the offer to tenants, and their employees, but also to enhance the underlying asset’s sustainability and ESG credentials.
"This investment thesis, prioritising the UK’s regional office markets, will remain our focus for the remainder of 2022."
The property was marketed for sale at a price of £34.8m. Forma was advised by ACRE on the acquisition while CBRE advised abrdn.
