CLS Holdings PLC has agreed to acquire an office property in Aldgate, London for £53.9 million.

The company will finance the acquisition through its existing resources and funding from banks.

The property comprises 96,948 sqaure feet over seven floors. It is currently let to four tenants with a weighted average unexpired lease term of 2 years to breaks. The asset is located at 9 Prescott Street. It has a current contracted rental income of £26.41 per square feet. CLS will look to undertake sunstantial refurbishment of the asset.

Fredrik Widlund, Chief Executive, said “This acquisition is a clear demonstration of our ability to undertake transactions on an opportunistic basis where we can utilise our asset management expertise to deliver value over the long term in line with our strategy. The property’s excellent location and attractive potential makes this an exciting acquisition for CLS.”

Source: Morning Star

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