6th May 2015 06:52
LONDON (Alliance News) - FTSE 250-listed property company CLS Holdings PLC on Wednesday said it has exchanged contracts to acquire a fully-let office building near Munich in Germany for EUR24.4 million.
The building is located in Unterfoehring, north east of Munich, and is let to 11 tenants generating a rental income of EUR2 million per year.
The purchase price reflects a net initial yield of 7.9%.
"I am delighted that we have secured this building in Unterfoehring, Munich, which provides an excellent long-term income stream from blue-chip tenants. We continue to see potential in Germany and this acquisition will further enhance our offering in that market," said CLS Executive Chairman Sten Mortstedt.
By Sam Unsted; [email protected]; @SamUAtAlliance
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