Luxembourg-based Corestate Capital Holding S.A. said it acquired the iconic landmark Royal Liver Building, the Grade A office building in Liverpool, for £48 million.

The Royal Liver Building is located in the UNESCO World Heritage Waterfront of Liverpool and was sold by the Royal London Mutual Insurance Society.

The building was refurbished in 2008 and its tenants include BESTINVEST, HSBC, Mott MacDonald, Pershing, Princess Limited and Universities Superannuation Scheme.

Corestate chief investment officer Thomas Landschreiber said: “We will invest substantial funds in order to preserve and strengthen the landmark office building in the long-term.

“As the new owner and custodian of this iconic building, we appreciate its heritage and the importance to the people of Liverpool.

“This investment reflects our expertise in acquiring core premium quality assets.”

Stephanie Hacking, fund manager at Royal London Asset Management added: “It has been a huge honour to be involved in the sale of the Royal Liver Building.

“It is a unique property with a tremendous history and prestige.

“We were delighted to have received such considerable interest in the asset and delighted to have concluded the sale to Corestate who will no doubt be proud owners going forward.”

JLL and Addleshaw Goddard advised Corestate on the acquisition.

CBRE and Pinsent Masons LLP advised Royal London Mutual Insurance Society on the sale.