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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.

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