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CLS to acquire office property in Perlach

21 March 2017 08:12

CLS Holdings has exchanged contracts to acquire a multi-let office property in Perlach, in the south-east of Munich, Germany, for €15.3m. CLS said Network Perlach, Unterhachinger Strasse 75, Munich, comprised 9,449 sqm (101,708 sq ft) of office space which, with an occupancy rate of 88%, currently generated a rental income of €821,000 per annum, reflecting a net initial yield of 5.1%, or 6.2% when fully let.

Chief executive Fredrik Widlund saidL "The acquisition of Network Perlach is consistent with our strategy of investing in multi-let, high-quality offices and we look forward to enhancing the returns from the property to maximise its potential in the medium term."

At 8:12am: (LON:CLI) CLS Holdings PLC share price was +39.5p at 1742.5p

Story provided by StockMarketWire.com

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