Aberdeen Asset Management has acquired the commercial real estate element at Liverpool's Albert Dock redevelopment for almost 43 mln (鈧�57 mln).
Aberdeen Asset Management has acquired the commercial real estate element at Liverpool's Albert Dock redevelopment for almost 43 mln (鈧�57 mln).
The investment volume reflects a net initial yield of 5.6%.
Acting on behalf of clients, Aberdeen Asset Management acquired 37,000 m2 of hotel, leisure, retail and office space at Albert Dock from a subsidiary of Arrowcroft, the London-based developer, investor and asset management. The tenants include Holiday Inn, Premier Inn, The Beatles Story, Gusto and Miller and Carter.
Albert Dock was built in the 1840s to accommodate sailing ships with a cargo capacity of up to 1,000 tons. Consisting of a complex of dock buildings and warehouses, the dock was the first structure in UK to be built entirely of cast iron, brick and stone. But within 50 years the dock become obsolete and it closed in the 1970s.
The site was saved from dereliction in the 1980s by Arrowcroft, which undertook a major redevelopment to turn the dock into a tourist and cultural attraction. The venue hosted the Tall Ships Race and the International Garden Festival in 1984 and forms part of Liverpool's UNESCO designated World Heritage Maritime Mercantile City.
Albert Dock attracts over 6 million visitors a year, with key attractions including the Merseyside Maritime Museum, the Tate Liverpool, the Beatles Story venue and the International Slavery Museum.
Robert Cass, head of UK property transactions at Aberdeen, said: 'In an age of convenience and online shopping, destinations need to really stand out and Albert Dock and the wider Waterfront area does just that. The Dock鈥檚 heritage and environment attracts huge numbers of visitors and as a destination and commercial opportunity, Albert Dock will only become more popular as Liverpool鈥檚 economy continues to grow.
'There are really compelling investment opportunities in northern cities where economic and employment growth is strong and will be underpinned by increasing devolution.'
Aberdeen Asset Management was advised by Joiner Cummings and Bruce Gillingham Pollard. Arrowcroft was advised by CBRE.
