Property investor CLS agrees £31m acquisition

Property investor CLS agrees £31m acquisition

Listed investment business CLS Holdings has completed the purchase of five commercial properties from a private investor for £31.4m.

The company said the portfolio generates rents of £2.5m per year from ten tenants.

The properties are freehold, have an aggregate office area of 107,000 sq ft and a weighted average unexpired lease term of 4.4 years.

CLS Holdings said the properties acquired are for 45 London Road, Reigate; St Cloud Gate, Maidenhead; Unit 2500, The Crescent, Birmingham Business Park; Harlequin House, Teddington; and Heather Court, Sidcup.

Chief executive Fredrik Widlund added: "We are delighted to have acquired these properties, which play to the group's strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the group's cash flow.

"The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the South East."

The acquisition was financed from CLS Holdings' existing funds.

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