31st Dec 2019 07:52
(Alliance News) - CLS Holdings PLC on Tuesday said it has sold its portfolio of 19 UK regional offices to Singaporean investment firm Elite Capital Partners, for GBP65.0 million.
The FTSE 250-listed property investor sold 17 of the 19 assets for GBP62.1 million. The sale of the remaining two assets, worth GBP2.9 million, will be completed in the first quarter of 2020.
The portfolio amounts to 618,223 square feet and has a net rent of GBP6.5 million per annum. It was valued at GBP66.4 million as at June 30.
Following the sale, CLS holds only two assets outside the South East.
Chief Executive Fredrik Widlund said: "This transaction is a significant step in implementing our strategy of focusing our UK portfolio on London and the south east office markets. We continue to see significant opportunities for acquisitions across our core markets and this transaction will allow us to recycle capital to capitalise on those opportunities.
By Ife Taiwo; [email protected]
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