(Alliance News) - CLS Holdings PLC on Monday announced it had acquired two office properties, one in Germany and the other in the UK, for a combined total of GBP55.9 million excluding costs.
The property in north west Berlin, called Kaiserin-Augusta-Allee 112 & 113, is a six-storey office made up of two adjorned buildings, which the London-based property investment company bought from German investment manager Deutsche Investment KVG for EUR43.5 million. It has a current contracted rent of EUR545,000 and is currently 29% let.
CLS Holdings bought the second property, called Radius House on Clarendon Road in Watford, from M&G Real Estate, the property investment arm of London-based investment manager M&G PLC, for GBP16.9 million. The building is fully let to four tenants and has a current contracted rent of GBP1.04 million.
Chief Executive Fredrik Widlund said: "These acquisitions provide a combination of long-term, secure income and an opportunity to capture significant reversion through our active asset management approach. This demonstrates CLS's broad capabilities and ability to source excellent deals in our key markets."
Both of the acquisitions are due to complete in early 2021.
Shares in CLS Holdings were down 3.3% at 219.50 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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CLS Holdings (CLI)