The home of IT service provider Fujitsu has been sold for £17.6 million in a sale and leaseback deal.

The 116,418 sq ft building, on Birmingham Business Park close to the NEC, has been acquired by Allianz Properties. The deal reflects a net initial yield of seven per cent.

The grade A office and production building will provide Allianz with an initial overall rent of £1.33 million per year on a new 10-year lease.

Colliers International acted for Fujitsu.

Director of national investment Chris Bampton said: "We received tremendous interest in this building which is reflected in the overall sale price from investors in all four corners of the globe.

"Investors were attracted by the covenant strength of Fujitsu as well as the excellent transport infrastructure.

"The park is also just down the road from the major new development at Resorts World Birmingham at the NEC and substantial upgrade and extension of Birmingham Airport."

Ben Blackwall, of Franck-Steier Price which advised Allianz, added: "The purchase matches the fund's requirements, providing a secure income stream for 10 years to an international covenant with an index-linked review clause"

Birmingham Business Park is owned by Canmoor which acquired it in November as part of a wider acquisition from Arlington Business Parks.