Business
Acquires EU13m office building in Freiburg Germany
Acquires EU13m office building in Freiburg Germany.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0504I CLS Holdings PLC 28 June 2013 \n\nRelease date: 28 June 2013\nEmbargoed until: 07:00\n \n \n \nCLS Holdings plc announces acquisition of \n€13.08 million multi-let office building in Freiburg, Germany\n \nCLS Holdings plc announces that it has completed on the acquisition of a modern multi-let office building in the inner city of Freiburg, in south western Germany for €13.08 million before costs. \n \nThe fully let building generates rent of €1,235,410 per annum, giving a net initial yield of 8.75%. Debt has been provided by a regional Sparkasse lender.\n \nThe six occupiers include a government department, Commerzbank and KPMG.\n \nThe building provides lettable space of 7,135 sq m over nine floors, comprising 5,127 sq m of modern office accommodation, 1,247 sq m of retail space and 761 sq m archive storage space. In addition, there are 112 underground parking spaces let to the current tenants. \n \nSten Mortstedt, Executive Chairman of CLS Holdings plc, commented:\n \n\"I am very pleased with this well located acquisition in Germany, let to some high quality occupiers, which continues our strategy of focusing on high yielding, cost‑effective offices with interesting management angles. I am also delighted to welcome a new lender to the Group.\"\n \n-ends-\n \nFor further information, please contact:\n \nCLS Holdings plc +44 (0)20 7582 7766\nwww.clsholdings.com \nSten Mortstedt, Executive Chairman\nHenry Klotz, Executive Vice Chairman\nRichard Tice, Chief Executive Officer\n \nLiberum Capital Limited ...