Market Update Economic Events Directors Deals Commodities Prices News Market Movers

CLS completes sale of Buspace Studios for a £13.5m

Tuesday, 16th October 2018
CLS said Tuesday it had completed the sale of Buspace Studios for £13.5m to Warrior Property Group.

The company realised a profit of 4.2% above the property's valuation at 30 June of £12.95m, which was unchanged from 31 December 2017, CLS said.

The property was acquired by Warrior Property Group on a net initial yield of 4.5%, with the potential to apply for a change of use.

The property was sold because of its small lot size, low yield and limited scope for CLS to further add value, the company said.

'Buspace Studios has served as an incubator for businesses with small space needs, allowing them to grow into potential tenants for other CLS properties within London. We look forward to investing the proceeds of the sale into higher yielding properties which have the scope for us to maximise value through active asset management,' said Fredrik Widlund, Chief Executive of CLS.

Story provided by

Related Shares: Cls Hdgs

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News 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.