Health insurer Medicash has acquired One Derby Square owner Palace Capital Liverpool for £12 million.
A special purpose vehicle that was part of the Palace Capital Group, Palace Capital Liverpool snapped up One Derby Square – where Medicash is located – for £14 million in 2019. Now, with its shares purchased by Medicash, the company becomes a fully owned subsidiary of the insurer and will be known as One Derby Square Limited, according to a report by The Business Desk.
“This acquisition is an exciting development for Medicash and represents a strategic moment in our growth strategy,” Medicash chief executive Sue Weir was quoted as saying. “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.
“Medicash remains committed to its mission of improving the health and wellbeing of individuals and organisations, and this acquisition is a testament to that commitment. We are thrilled to have completed this deal and look forward to delivering a healthy and sustainable workplace for all of our tenants.”
One Derby Square is a five-storey, 70,161 sq ft mixed-use property opposite Liverpool One. Its new owner was founded in Liverpool in 1871 and has since been providing healthcare cash plans.
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