11th Jul 2016 06:37
LONDON (Alliance News) - Property investor CLS Holdings PLC on Monday said it has acquired two properties in Germany for a combined EUR49.5 million.
CLS said it has acquired Parsevalstrasse 11 in Dusseldorf for EUR43.6 million. The property comprises 239,496 square feet of mixed-used space and generates a net rental income of EUR3.1 million a year. The price reflects a net initial yield of 7.1%.
The group also has agreed to buy Harburger Ring 35 in Hamburg for EUR5.9 million. That property comprises 36,028 square feet of office space and generates EUR400,000 in net rental income a year. The net initial yield on the purchase is 6.4%.
"These acquisitions are another example of our commitment to identifying opportunities that allow the Group to generate value from its extensive asset management experience and reflect CLS's continuing confidence in the German property market," said Fredrik Widlund, CLS's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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