CLS Holdings to buy German property for €15m
CLS Holdings
83.00p
16:49 26/04/24
0.24%
0.20p
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).
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 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.