Liverpool-based health insurer Medicash acquires One Derby Square, the former Pearl Assurance House, in multi-million pound deal.
Medicash, a leading provider of health and wellbeing solutions, is pleased to announce the successful acquisition of One Derby Square in a deal worth £12 million. This strategic investment marks another milestone for Medicash as it cements its position in the city where it was founded in 1871.
The five story, 70,161sq ft mixed use property, is situated within one of the most attractive and busy areas of Liverpool city centre. Located opposite Liverpool One and within the thriving Castle Street restaurant scene, it offers a great location for a range of ground floor retail and leisure units including Tesco Express, Pavers, Pret a Manger and French bistro, Bouchon.
Commenting on the acquisition, Sue Weir, Chief Executive of Medicash said: “This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy. One Derby Square presents a tremendous opportunity for us to continue to expand our services, generate new income streams and better serve our existing and future customers for decades to come.”
The deal, brokered by Worthington Owen, saw Medicash purchase the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and part of the Palace Capital Group. The company has been renamed as One Derby Square Limited and is now a fully owned subsidiary of Medicash.
Mark Worthington, Director at Worthington Owen said: “This is a great investment for Medicash that will not only allow them to grow as a business but will generate a solid income stream over the years ahead. Having reviewed the market for opportunities to purchase, it was clear that One Derby Square was the best building for Medicash, and we were delighted to help broker the deal.”