CLS Holdings to buy German property for €15m
Updated : 08:12
CLS Holdings said it has exchanged contracts to buy a multi-let office property in Perlach, in the south-east of Munich, Germany, for €15.3m (£13m).
The building comprises 9,449 square metres of office space which, with an occupancy rate of 88%, currently generates a rental income of €0.8m a year, reflecting a net initial yield of 5.1%, or 6.2% when fully let, CLS said.
The property has a diversified tenant base that provides a stable income, with an estimated rental value of some €1.2m, reflecting an estimated rental value yield of 7.4%, it added.