QuotedData’s morning briefing 30 June 2023:
- CLS Holdings (CLI) has secured a 30-year lease with the City of Essen at it office scheme The Brix, in Essen. The City of Essen will take 17,400 sqm (187,292 sq ft) of space, with the lease benefiting from indexation. CLS will spend €20m over the next three years to substantially improve the building, including a host of energy efficiency, sustainability, and wellbeing initiatives. The current occupier’s tenancy agreement will end on 31 July 2024, and the construction and improvements programme will begin in August 2024, with estimated completion in mid-2025. The Brix was acquired by CLS in April 2021 with 28% vacancy and it is now fully let following the above letting. With the new lease and the planned improvements, the asset is estimated to generate a substantial increase in value between now and practical completion.