CLS Holdings buys Cologne office property for €30.5m

CLS Holdings on Tuesday said it had it had bought a multi-let office property in Cologne, Germany for €30.5m excluding costs.

The purchase price reflected a net initial yield of 5.1% with the reversionary yield estimated to be more than over 6%, CLS said, adding the property was fully let with a weighted average unexpired lease term of 2.2 years.

CLS said the CONNECT building was located in Cologne's Airport Business Park in Cologne between the city-centre and Cologne-Bonn Airport. The property consists of an 11-storey tower and five-storey lower main building.