CLS Holdings buys Dortmund property for €35.6m
CLS Holdings
83.00p
16:49 26/04/24
0.24%
0.20p
CLS Holdings said it had bought a multi-let office property in Dortmund, Germany, for €35.6m (£30.8m) after costs from an unnamed US investment manager.
FTSE 250
19,824.16
16:59 26/04/24
n/a
n/a
FTSE 350
4,470.09
16:59 26/04/24
n/a
n/a
FTSE All-Share
4,423.59
17:14 26/04/24
n/a
n/a
Real Estate Investment & Services
2,188.30
16:59 26/04/24
1.96%
42.06
The multi-let property comprising 22,296 sqm (239,992 sq ft) of office space which, with an occupancy rate of 94.6%, currently generates a rental income of €2.8m a year, reflecting a net initial yield of 7.1%.
The property has a diversified tenant base which provides a stable income from 15 tenants and a weighted average unexpired lease term of 3.3 years.
The transaction will be financed with existing cash resources and debt from a local German bank, CLS said.