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(Alliance News) - CLS Holdings said Tuesday it will acquire an office property known as Connect in Cologne, Germany for EUR30.5 million, with a net initial yield of 5.1%.
Connect is a 140,491 square feet multi-let officer property, consisting of an 11-storey tower and five-storey lower main build, and is currently fully let with a weighted average unexpired lease term of 2.2 years.
CLS said it will finance the acquisition through existing cash resources, with completion expected in the next four to six weeks.
"This acquisition gives us an opportunity to utilise our in-house German asset and property management team to deliver value to our investors over the long-term. Cologne has been an area of interest for CLS for several years, and this transaction allows us to enter the market at an exciting time," said Chief Executive Officer Fredrik Widlund.
Shares in the FTSE 250-listed property investor were down 1.0% at 221.22 pence in London on Tuesday.
