An office block which houses a regional daily has been sold after being put on the market for just under £35m.

Number 5 St Paul’s Square, which houses the Liverpool Echo, has been purchased by investment firm Forma Real Estate Funds.

The Echo has been based in the building since 2017, having relocated from its former Old Hall Street base.

Earlier this year, it was revealed the newspaper’s publisher Reach plc had cut its office space at the site by four-fifths.

The sale of the building, which was previously owned by pension fund Aberdeen Standard, is not expected to affect the Echo’s occupation of the offices.

Other tenants at St Paul’s Square include DWF, Hays Recruitment and Bank of Scotland.

Forma UK chief executive Chris Taylor told the Echo: “We are delighted to have completed the acquisition of 5 St Paul’s Place.

“The purchase is in line with our strategy to acquire high quality, central business district, income-producing assets.

“We continue to target properties with potential to add value through active asset management initiatives in particular those where we can invest capital to not only improve both the offer to tenants, and their employees, but also to enhance the underlying asset’s sustainability and environmental, social and governance credentials.

“This investment thesis, prioritising the UK’s regional office markets, will remain our focus for the remainder of 2022.”