11th Jan 2017 07:51
LONDON (Alliance News) - CLS Holdings PLC on Wednesday said it has bought five properties in the UK from an unnamed private investor for GBP31.4 million, representing an initial yield of 8.0%.
The property investment company said the five properties generate rent of GBP2.5 million per annum from 10 tenants and have an aggregate office area of 107,000 square feet. The properties are freehold and have a weighted average unexpired lease term of 4.4 years.
CLS Holdings said the properties are located in the south east Surrey town of Reigate, in Teddington in Richmond upon Thames, in Sidcup in south east London, in Maidenhead in Berkshire, and in Birmingham.
CLS said the acquisition was financed from existing funds.
"We are delighted to have acquired these properties, which play to the group's strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the group's cash flow," said CEO Fredrik Widlund.
"The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the south east," Widlund added.
By Hannah Boland; [email protected]; @Hannaheboland
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