8th Mar 2022 09:49
(Alliance News) - CLS Holdings PLC said on Tuesday it acquired a office building in Dortmund, Germany for EUR66.3 million.
The property has a net initial yield of 5.1% and a reversionary yield of 5.6%.
According to CLS, the property is occupied by "one of Germany's leading financial institutions", a department of the federal state of North Rhine-Westphalia, and two smaller tenants with an overall weighted average unexpired lease term of 5.2 years.
The London-based commercial property investment company added that it plans to improve tenant amenities and sustainability features at the property, while leasing the remaining vacant space.
The acquisition is expected to complete in April.
Shares in CLS were up 0.8% at 187.00 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
CLS Holdings