Deka Immobilien GmbH has acquired Direct Line House, an office building in Birmingham, for approximately 25 million. The property will be included in an individual property fund.
Completed in 2001, the property is fully let and offers total floor space of around 5,900 m². It is located in the central business district and has excellent local transport links. British insurance company Direct Line Insurance PLC is the tenant.
The property has been sold by Fuji Properties Limited. Alongside London, Birmingham is the second largest services and finance center in the United Kingdom.
The DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, together manage fund assets of over 22 billion (as at September 30, 2011).
As a sister company, Deka Immobilien GmbH is responsible for the acquisition and disposal of properties, management of these assets and all other property services as well as for product development. Together with the Real Estate Lending Unit of DekaBank, the three companies form the Group's Asset Management Property business division.