The Royal Liver Building’s new owner is a property giant with investments around Europe – and its decision to invest in Liverpool shows its confidence in the city’s economy.
Corestate Capital was founded in 2006 by German property specialists Ralph Winter and Thomas Landschreiber. It manages more than £13bn worth of property assets around Europe.
And Mr Landschreiber told the ECHO: “We see a really good chance to get tenants. (for the Royal Liver Building).”
Corestate’s website boasts: “We have vast knowledge of the real estate markets both in Germany and across Europe – and the track record to show for it.”
And it says the company has “a distinguished track record of generating attractive investment returns”.
Corestate attracts investment from businesses and from wealthy individuals and then uses that cash to invest in property.
The company then manages those properties – renovating them when needed – to bring in rents and generate profits for its investors.
Today it has its headquarters in Luxembourg but is listed on the Frankfurt Stock Exchange in neighbouring Germany, where it does most of its business.
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It employs 390 people and has 26 offices worldwide, including in Madrid, Singapore and Zurich.
Corestate likes to invest in commercial property – including office blocks such as the Royal Liver Building – and in some housing schemes.
Before the Royal Liver Building deal, its most recent purchase was in January when it spent 125m euros (£107m) on 18 shop buildings “in prime locations in pedestrian zones of German mid-sized cities such as Göttingen, Kaiserslautern, Lörrach or Lüneburg”.
In January, Corestate announced that it was expecting annual revenues for the current financial year to stand at between £64m and £68m. That would give it a net income (profit) of between £25.7m and £27.4m.
Today Corestate’s chief investment officer Thomas Landschreiber pledged: “As the new owner and custodian of this iconic building, we appreciate its heritage and importance to the people of Liverpool.”
The Royal Liver Building