Lone Star has sold a 360,000 sq ft office complex in Liverpool to Shelborn Asset Management for £42m – the city’s largest office investment deal this year.
The previously distressed office complex Exchange Flags was acquired by Lone Star as part of its £5.2bn purchase of the Project Rock and Project Salt loan books from IBRC in 2014. The loan against the property was included in the sale as previous owner UK Land and Property was in administration.
The complex had 140,000 sq ft vacant when Lone Star acquired it, but is now circa 90% let to tenants including marine services firm Brookes Bell, outsourcing company Capita, and engineering consultancy White Young Green. Quoted rents are £16.50 per sq ft.
