Release date: 28 June 2013
Embargoed until: 07:00
CLS Holdings plc announces acquisition of
€13.08 million multi-let office building in Freiburg, Germany
CLS Holdings plc announces that it has completed on the acquisition of a modern multi-let office building in the inner city of Freiburg, in south western Germany for €13.08 million before costs.
The fully let building generates rent of €1,235,410 per annum, giving a net initial yield of 8.75%. Debt has been provided by a regional Sparkasse lender.
The six occupiers include a government department, Commerzbank and KPMG.
The building provides lettable space of 7,135 sq m over nine floors, comprising 5,127 sq m of modern office accommodation, 1,247 sq m of retail space and 761 sq m archive storage space. In addition, there are 112 underground parking spaces let to the current tenants.
Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented:
"I am very pleased with this well located acquisition in Germany, let to some high quality occupiers, which continues our strategy of focusing on high yielding, cost‑effective offices with interesting management angles. I am also delighted to welcome a new lender to the Group."
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For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Richard Tice, Chief Executive Officer
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Charles Stanley Securities
Mark Taylor +44 (0)20 7149 6000
Hugh Rich
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons
This information is provided by RNS