CLS sells German office block for €22.5m

CLS said it had sold an office and retail building in the German city of Freiburg to an unnamed buyer for €22.5m excluding costs.

Completion was expected in December. The building, Bismarckalee 18-20, was acquired by CLS in 2013 and consists of 7,500 square metres of office and retail space over nine floors. The building is 85% let to Volksbank Freiburg with the remainder let to TICS, a travel agency, and a computer shop on the ground floor.

CLS chief executive Fredrik Widlund said the sale provided additional resources for further investment.

“We continue to see significant opportunities for investment across the UK, Germany and France and remain confident in the long-term attractiveness of well-located, affordable offices in non-prime locations,” he said.