Aberdeen acquires Albert Dock for £42.75 million as it turns gaze to ETF market

The investment totals over 400,000 square feet of hotel, leisure, retail and office accommodation and is home to occupiers including Holiday Inn, Premier Inn, The Beatles Story, Gusto and Miller and Carter as well as a number of independent leisure, retail and office tenants.

The former working dock built in the 1840’s was saved from dereliction by Arrowcroft in the early 1980s and restored successfully to the vibrant commercial and residential development it is today, comprising the largest Grade 1 collection of buildings in the country. The project is also home to the Tate Gallery and the Maritime Museum.

The considerable infrastructure improvements and development of the Liverpool Waterfront area which followed through both public and private investment has created a significant tourist destination with over 6 million people visiting Albert Dock every year.

Chairman of Arrowcroft, Nicholas Hai said: “We take great pride in having restored these magnificent historic buildings and in so doing, led the regeneration of Liverpool’s waterfront and created an attraction that has global recognition. It is now listed by UNESCO as a World Heritage site. After 33 years under our ownership we recognise that it is time to move on and it is pleasing that its future will be in the hands of a highly respected Institution. We wish Aberdeen well in their stewardship of this development and into the next chapter of Albert Dock.”

Robert Cass, head of UK property transactions at Aberdeen said:“In an age of convenience and online shopping, destinations need to really stand out and Albert Dock and the wider Waterfront area does just that. The Dock’s heritage and environment attracts huge numbers of visitors and as a destination and commercial opportunity, Albert Dock will only become more popular as Liverpool’s economy continues to grow.

“There are really compelling investment opportunities in northern cities where economic and employment growth is strong and will be underpinned by increasing devolution.”

Aberdeen Asset Management was advised by Joiner Cummings and Bruce Gillingham Pollard and Arrowcroft was advised by Franco Sidoli of CBRE.

Meanwhile, Aberdeen is reportedly eyeing a move into the Exchange Traded Fund space – a departure for the actively-focused manager.

A spokesperson for the asset manager disclosed the intention to the Financial Times as something the asset manager was it was “looking at”.

Aberdeen has been hit recently by outflows and negative investor sentiment on the emerging markets, where it specialises.

It has made a number of acquisitions to broaden the scope of the manager.

The most recent was that Aberdeen was rumoured to be one of three bidders for bond fund manager Rogge Global Partners, which is currently owned by Old Mutual.

In September last year Aberdeen acquired London-based investment manager Advanced Emerging Capital for an undisclosed sum, while earlier that month it struck a deal to acquire platform Parmenion Capital Partners.