21st May 2015 07:07
LONDON (Alliance News) - FTSE 250-listed property company CLS Holdings PLC on Thursday said it has exchanged contracts for the GBP21.7 million acquisition of the Reflex office building in Bracknell.
The purchase price reflects an initial yield of 8%, CLS said.
The building is let to four tenants and produces rental income of GBP1.8 million in rental income per year.
"Reflex provided an opportunity to invest in an area we have monitored closely for some time. We believe strongly in the prospects for well-let properties in the M3 and M4 corridors and we are well placed to benefit from them," said CLS Executive Chairman Sten Mortstedt.
Shares in CLS were down 0.5% to 1,970.1572 pence just after the open on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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