Palm Capital buys Liverpool's Passport Office HQ

By Paul Norman - Thursday, October 11, 2018 11:52

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Palm Capital has bought HM Passport Office's 134,000 sq ft headquarters in Liverpool from Warburg-HIH Invest Real Estate advised by TH Real Estate for an undisclosed price thought to be circa £28m.

The buiding was developed in 2003 and is fully occupied by HM Passport Office Liverpool and business process service consultancy Diligenta.

Warburgh said the transaction marks the disposal of the final asset in the portfolio of "one separate asset pool".

Palm Capital, the real estate private equity partnership active across Europe and with offices in London and Madrid, has been investing in regional city offices.

Warbug-HIH bought the offices in 2006 for £39m.

“We moved ahead with the sale because improvements would have required a time period of several years,” said Andreas Schultz, Managing Director at Warburg-HIH Invest. “The currently positive market environment made it possible to get an adequate price for it."

pnorman@costar.co.uk

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