CLS Holdings, the UK, France and Germany focused property company, has exchanged contracts to acquire an office building in Staines for £19m.
It has bought ‘TWENTY’ Kingston Road, which comprises 44,230 sq ft of grade A, multi-let office space, for a net initial yield of 5.3%.
The asset is currently let to four tenants with a WAULT of 5.4 years to breaks and has a vacancy of 23%. The yield will increase to 7.0% once the asset is fully let. CLS is expected to complete to acquisition on 3 February 2020.
CLS has also completed the sale of Quayside Lodge in Fulham, London for £19m to a private developer, having achieved planning permission in 2018 for a new 10-storey residential development.
Fredrik Widlund, chief executive of CLS, said: “We continue to see a range of acquisition opportunities in the UK that are highly suited to our portfolio. TWENTY Kingston Road offers strong reversionary potential with a yield of 7% once fully let and the acquisition is in line with our opportunistic approach. We will also continue to recycle capital, when opportunities like Quayside arise, into new investments in the UK, Germany and France.”
CLI : CLS acquires office in Staines for £19m