Direct Line Group has acquired its base in Birmingham city centre for £25.1 million.
The grade A office building at 10 Livery Street, known as Direct Line House, has been acquired on a share deal basis from German investor Deka-S-PropertyFund No. 2.
The six-storey building in the Colmore business district was completed in 2001 and comprises 63,393 sq ft of office space and is let on a full repairing and insuring lease to UK Insurance Ltd for a term of 20 years from April 2001.
The investment team at property consultancy DTZ advised Direct Line Group and Savills and CBRE represented the vendor.
Nick Allan, senior director in DTZ's investment agency team, said: "We are delighted to have secured this building on behalf of a core client of DTZ as part of their corporate real estate strategy."
