CLS Holdings to sell office campus in Germany for €30m
Property investor CLS Holdings is to sell the E.On Alle office campus in Germany for €30.2m to European Commercial Real Estate.
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The sale of the campus, which comprises of four office properties in Landshut, north east of Munich, represents an uplift of €1.5m, or 5.2% over the value at the end of last year.
The FTSE 250 company bought the campus, which is currently let to German energy giant E.On with leases expiring between 2020 and 2030, in September 2006 and developed it in stages to July 2012.
CLS chief executive Fredrik Widlund said: "The campus has made a strong contribution to the cash flow and asset value of the group and serves as a good example of our focus on active asset management in order to maximise value.”
He said the sale is consistent with the company’s strategy of disposing of peripheral and single-let assets and recycling capital into more core investment locations.