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CLS exchanges contracts to acquire Connect for €30.5m

Tuesday, 9th July 2019
CLS announced that it had exchanged contracts to acquire Connect, a multi-let office property in Cologne, for €30.5m excluding costs.

The purchase price reflected a net initial yield of 5.1%; the reversionary yield was estimated to be over 6% and the property was fully let and has a weighted average unexpired lease term of 2.2 years.

Connect, one of the most prominent properties in the Airport Business Park in Cologne, is a well-connected and growing destination in the south of Cologne between the city-centre and Cologne-Bonn Airport.

'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,' CLS said.






Story provided by StockMarketWire.com

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