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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

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