Legal & General Property has invested 拢87.3m (鈧�123m) in a Birmingham office asset for its UK Property Fund.
The No 1 Colmore Square building was bought at a net 4% initial yield for the fund, backed by institutional and retail investors.
The multi-let, 202,807 sq ft property is let to several tenants, including DTZ and Ernst & Young.
Matt Jarvis, fund manager of the Legal & General UK Property Fund, said the building offered 鈥渟ecure income over the medium term, coupled with good rental growth expectations鈥�.
The building, he added, offers added-value opportunities, including refurbishment and letting of vacant space.
The deal follows the 拢69.5m purchase of the headquarters of UK beer brewer Mitchells & Butlers and a 120-bedroom Ibis Styles Hotel for the company鈥檚 LPI fund.
