CLS Holdings acquires five properties in the UK for £31.4 million
CLS Holdings announces that it has acquired five properties in the UK from a private investor for £31.4 million, including costs, generating rents of £2.5 million per annum from 10 tenants and representing a net initial yield of 8%. The properties are freehold, have an aggregate office area of 107,000 sq ft (9,940 sqm) and a weighted average unexpired lease term of 4.4 years, and comprise:
• 45 London Road, Reigate RH2
• Harlequin House, 7 High Street Teddington TW11
• Heather Court, 6 Maidstone Road, Sidcup DA14
• St Cloud Gate, Maidenhead SL6
• Unit 2500, The Crescent, Birmingham Business Park B37
The portfolio offers a number of opportunities to work with existing and potential new tenants, as well as development potential.
The acquisition was financed from existing funds.
Fredrik Widlund, Chief Executive of CLS, commented:
“We are delighted to have acquired these properties, which play to the Group’s strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the Group’s cash flow. The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the South East.”
Source: CLS Holdings