City centre office complex bought for £22m

A WELL known city centre business address in Birmingham has been bought by a German investor for £22.25m.

10 Livery Street, also known as Direct Line House, has been acquired by Frankfurt-based Deka Immobilien from a fund managed by Signature Fund Management.

The 63,363 sq ft, grade A freehold office building is let in its entirety to Direct Line Insurance for another 10 years.

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

Savills director John Heaver said: “Deka’s purchase of Direct Line House in Birmingham is a return to this key regional city after a five year absence and is another step towards them building a portfolio of well let prime modern offices outside London where they believe there are good opportunities with long term growth potential.”