German investor acquires Birmingham offices of Direct Line

City centre building purchased for £22.25m by Deka Immobilien

Article posted: 29 Nov 2011

German investor, Deka Immobilien GmbH has acquired 10 Livery Street in Birmingham from a fund managed by Signature Fund Management Limited for around £22.25 million.

The Grade A freehold building comprises 63,363 sq ft of office space in Birmingham's central business district and is let in its entirety to Direct Line Insurance Plc for another circa 10 years.

Deka was advised by Savills and Simmons & Simmons, while Signature Fund Management Limited was advised by DTZ/DTZ Sherry FitzGerald and Jones Day.

James Bladon, Associate Director in investment agency at DTZ in Birmingham, commented: “The deal demonstrates continued confidence in Birmingham as a location for investment by an international investor, despite the economic turmoil in the Euro Zone and the attendant repercussions for the UK. Birmingham is a well-established location for business which complemented the property-specific characteristics of a modern building let to a household name.”

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Posted by Sam