13th Nov 2019 08:55
(Alliance News) - CLS Holdings PLC said Wednesday it has agreed to acquire the office property One Six Six in Harrow, north west London for GBP13.8 million, with a net initial yield of 7.1%.
The FTSE 250-listed property investor said it expects to complete the acquisition in January next year.
One Six Six on College Road comprises 34,655 square feet of space, and is currently multi-let to eight tenants with a weighted average unexpired lease term of 4.8 years in breaks.
The property also features shower facilities on each floor, and amenity area and car parking in the basement with 77 parking spaces, following its complete renovation in 2016.
"This property is a great fit for our UK portfolio as we already own a number of assets in the west London area, including nearby Hygeia on College Road where our in-house asset management initiatives have proven to be very successful. We believe that Harrow has significant opportunity for growth within Greater London from which we are well positioned to benefit," said Chief Executive Officer Fredrik Widlund.
Shares in CLS Holdings - which is headquartered in London - were down 0.5% at 250.65 pence on Wednesday.
By Dayo Laniyan; [email protected]
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