Dubai – Mubasher: UAE-based Select Group on Monday announced completing the acquisition of the iconic Echo Building, located in Liverpool, UK.
The deal, which consisted of forward funding and mixed-use redevelopment, was sold by Savills, jointly with development managers Paradigm Property Consultants, on behalf of Reach PLC, Select Group said in a statement.
Situated in the heart of Liverpool’s commercial district, Echo is set for completion in January 2020, and will include hotel, office, leisure, retail accommodation and basement parking, the group added.
The property will comprise an upscale 4-star hotel over 17 floors, with 207 en-suite bedrooms, operated under the Innside brand by Meliá, Spain’s largest hotel chain, as well as an open-plan restaurant, featuring a show kitchen with a bar and lounge, six conference rooms, a rooftop Skybar with an outdoor terrace, the company revealed.
Echo Building also includes 50,000 square feet of commercial space, 15,000 square feet of dedicated gym space and four prime retail units on the ground floor, the company noted.
The leading real estate development and investment company gave no further details on the acquisition's value.
“Having deployed substantial capital in the city previously, we know Liverpool well and firmly believe it will deliver superior long-term rates of economic growth and increase in its attractiveness to other institutional investors. We are thrilled to contribute with the redevelopment of the Echo Building, a landmark project that will be a fantastic showcase for the Innside brand and extremely well suited to corporate occupiers”, Select Group CEO Rahail Aslam said.
