Oval Real Estate is in talks to acquire Legal & General’s One Colmore Square in Birmingham for £87m.
It is the same price LGIM Real Assets paid on behalf of its UK Property Fund to buy the 200,000 sq ft building in 2015, and reflects a 6.15% yield.
The building has fallen in value from pricing of £90m when it completed in 2004, according to Radius Data Exchange.
Oval Real Estate will acquire and improve the 12-storey office, as part of its commercial strategy in the regions.
One Colmore Square spans 12 storeys, with 60,000 sq ft let to Ernst & Young, 22,500 sq ft to DTZ, 22,500 sq ft to law firm Shakespeares and further space occupied by General Dental Council and recruiters Hays.
CBRE is advising Oval Real Estate.
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