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Monday, May 20, 2024

Medicash Completes Multi-Million Pound Acquisition of One Derby Square

Liverpool-based health insurer Medicash has successfully acquired One Derby Square, the former Pearl Assurance House, in a deal worth £12 million. The strategic investment signifies a significant milestone for Medicash as it strengthens its presence in the city where it was originally founded in 1871.

The property in question is a five-story, 70,161 sq ft mixed-use building, located in one of the most attractive and bustling areas of Liverpool city centre. Positioned opposite Liverpool One and surrounded by the thriving Castle Street restaurant scene, it offers an ideal location for a variety of ground floor retail and leisure units, including Tesco Express, Pavers, Pret a Manger, and French bistro, Bouchon.

The building’s remaining four floors are occupied by 14 different tenants, among them Exchange Chambers and Medicash, which has been based in the building for the past 12 years.

Sue Weir, Chief Executive of Medicash, expressed enthusiasm about the acquisition, stating: “This purchase marks an exciting development for Medicash and represents a strategic moment in our growth strategy. One Derby Square presents a tremendous opportunity for us to expand our services, create new income streams, and better serve our existing and future customers for many years to come.”

Weir also reaffirmed Medicash’s commitment to its mission of improving health and wellbeing for individuals and organisations. The acquisition reflects this commitment, and the company looks forward to providing a healthy and sustainable workplace for all its tenants.

The acquisition deal was facilitated by Worthington Owen, as Medicash purchased the shares of Palace Capital (Liverpool) Limited, a special purpose vehicle that owned One Derby Square, and is now renamed as One Derby Square Limited, operating as a fully owned subsidiary of Medicash.

Mark Worthington, Director at Worthington Owen, expressed satisfaction with the deal, stating: “This is a great investment for Medicash that will not only fuel their business growth but also generate a solid income stream for the years ahead. After carefully reviewing the market for opportunities, One Derby Square emerged as the best building for Medicash, and we were delighted to assist in brokering the deal.”

During the procurement process, advisory services were provided by HB&O, DSG, and Hill Dickinson, while Mason Owen and Hamlins acted on behalf of Palace Capital. Additionally, CBRE will continue to serve as building managers for One Derby Square and its tenants.

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