Colmore Gate, Birmingham

Acquired for Deka in March 1999 for its growth potential through active asset management. The property provides circa 14,720 sq m (158,450 sq ft) of office accommodation and about 1,120 sq m (12,000 sq ft) of retail space arranged over ground and fourteen upper floors. It is situated in a prime location in Birmingham's city core and provides tower accommodation which continues to be a rarity in Birmingham. It is multi-let and we have successfully restructured a number of leases which have enhanced value and improved the running yield. The purchase price of £47 million reflected a net initial yield of circa 7.6%.