1st Apr 2019 08:25
LONDON (Alliance News) - CLS Holdings PLC on Monday announced the acquisition of an office building in Munich, Germany, for EUR32.0 million.
The 140,717 square foot "PURO" site has been bought for a net initial yield of 5.1%. It covers three floors and currently had nine tenants, with annual rent of EUR1.7 million.
CLS will spend EUR3.0 million improving the building, which it said is located in the "established" office area of Ismaning.
Chief Executive Fredrik Widlund commented: "We are delighted to acquire PURO in Ismaning, an area of Munich in which we have been looking to invest for some time."
"We remain committed to building an increasingly geographically diverse portfolio and this acquisition will further strengthen our presence in Germany. PURO will allow us to use our local expertise and active management capabilities to drive rents over the long term."
Shares in CLS were untraded early on Monday, last quoted at a price of 245.50 pence each.
Related Shares:
CLS Holdings