Princes, one of the UK’s leading food and drink groups, has completed a £60 million deal to buy Liverpool's iconic Royal Liver Building, where it wants to increase its own footprint.
The group said in a statement that the purchase of the Grade I-listed building forms part of a wider £83 million real estate plan ensuring its "long-term growth plan". The other property that it has bought for the strategy is Symington's Cross Green industrial facility in Leeds.
Princes, which has been a tenant at the Liver Building since 1982 and has more than 400 staff there, said it will use the building as a multi-purpose venue for events, collaboration and public engagement, as well as a corporate headquarters.
But it confirmed that all operations and tenant arrangements at the Liver Building would remain unchanged "with colleagues and partners assured of no immediate modifications to the site".
It added that buying the building, which CoStar data shows was previously owned by European investment management group Corestate Capital, also means it eliminates rental costs and "adds security to its future operations".
Princes chief executive Simon Harrison said in a statement: "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."
Princes operate 10 sites across the UK employing around 3,000 people. CoStar data indicates that it occupies 57,000 square feet at the building, which is also home to Universities Superannuation Scheme, Everton Football Club, Grant Thornton and Mott McDonald among others.
The building measures close to 300,000 square feet and was completed in 1911, becoming the tallest building in the city at the time. The Liver Birds, perched at the top of the structure towers, are symbolic of Liverpool and are one of the most recognised features of the city’s skyline.
Princes said the £23 million acquisition of the Symington’s Cross Green site in Leeds would further embed the business, which Princes manages and operates, into its UK operations. CoStar data indicates the shed measures circa 230,000 square feet and was last bought by Citivale in 2019 for £16.35 million.
The financing for the buildings was provided by HSBC. Marc Gorton, head of international banking, North and Midlands at the bank, said in a statement: "HSBC UK is pleased to support Princes’ acquisition of the historic Liver Building, demonstrating the business’ commitment to retaining strong roots in the city it was founded in.
"It’s great to see more businesses investing in the North West with Princes cementing its UK head office into this iconic building. We look forward to continuing to support the business with its future growth."
Earlier this year the Liverpool office market recorded another large deal, with Oval Real Estate buying the Capital Building, Liverpool's largest offices, having been listed for £90 million.