Share Price.com
Market Update Economic Events Directors Deals Commodities Prices News Market Movers

CLS to acquire property in East London for £53.85m

Wednesday, 20th February 2019
CLS said Wednesday it had exchanged contracts to acquire 9 Prescot Street, London E1 for £53.85m excluding costs.

The freehold property comprised 96,948 square feet of multi-let office space over seven floors and was 100% let to four tenants with a weighted average unexpired lease term of 2 years to breaks.

The property, acquired at a capital value of £555 per sq. ft. and a net initial yield of 4.5%, had substantial reversionary rental upside to deliver an estimated yield approaching 8% through active asset management, the company said.

The current contracted rental income of £2.56m equated to £26.41 per sq ft and CLS said it intended to undertake a substantial refurbishment to deliver high-quality space in an improving area with limited supply.


At 8:28am: (LON:CLI) CLS Holdings PLC share price was -1.25p at 236.75p



Story provided by StockMarketWire.com

Related Shares: Cls Hdgs

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News



SharePrice.com will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is, free of charge. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. UK data supplied by NBTrader and Digital Look. Share Prices are at least 15 minutes delayed.