CLS Holdings Snaps Up Uxbridge Property For GBP51 Million

13th Mar 2018 08:31

LONDON (Alliance News) - Property investor CLS Holdings PLC announced Thursday the acquisition of a property in Uxbridge for GBP51.0 million, including costs.

CLS has bought Harman House, which has 129,060 square feet of office space over nine floors. It is currently 98% occupied, and has an annual rental income of GBP3.5 million giving CLS a net yield of 6.9%.

The purchase is being funded through the company's existing financial resources.

Chief Executive Fredrik Widlund commented: "In line with our strategy, the acquisition of Harman House adds to our portfolio a high-yielding, multi-let office property adjacent to good transport links, and which offers a stable and diversified income stream from strong covenants.

"We believe there is significant scope for us to add value by capturing existing rental potential, and increasing it further through asset management initiatives."

Shares in CLS were trading at 240.00 pence each early on Tuesday, up 1.9%.

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