Business
Letting Announcement - Germany
Letting Announcement - Germany.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRelease Date: 14th November 2007\n\n CLS HOLDINGS plc \n\n (\"CLS\") \n\n ANNOUNCES A LETTING OF 23,800 SQ M (256,000 SQ FT) AT RATHAUS CENTER BOCHUM, \n GERMANY \n\nCLS is pleased to announce a letting to the City of Bochum of 23,800 sq m\n(256,000 sq ft).\n\nThe lease is for a term of 30 years with no break option and is indexed\nannually in accordance with the German CPI. The initial rent is €2,285,000 per\nannum (£1,613,100 per annum, €96 per sq m per year, £6.30 per sq ft per year),\nsubject to 12 months' rent free. The yield is predicted to be 6.75% following\nrefurbishment of the property.\n\nThe City will use the property as a Town Hall to serve the citizens of Bochum.\nDepartments will be located centrally, close to the old Town Hall and other\nadministration offices.\n\nApproximately 9,740 sq m is currently let to the City in the upper floors.\nAnother 11,060 sq m of vacant ground floor and first floor space formerly used\nas retail, will now be redeveloped into office space. In addition to this, the\nCity will use 3,000 sq m to locate its archive in the basement. Following this\nletting, the property will be fully let with the exception of a small retail\npremises.\n\nCLS will refurbish and modernise the property within the next 16 months. The\ncosts of refurbishment are in the region of €20.2m including VAT (£14.3m).\n\nExecutive Chairman of CLS, Sten Mortstedt, commented:\n\n\"We purchased the property at the beginning of this year and regarded the\nvacant space as an opportunity to add value. We are delighted that the City of\nBochum is now fully utilising the Rathaus Center.\"\n\n -ends- \n\nFor further information, please contact:\n\nCLS Holdings plc.\n\nSten Mortstedt, Executive Chairman\n\nPer Sjöberg, Chief Executive Officer\n\nCLS Holdings plc.\n\nwww.clsholdings.com\n\nTel. +44 (0) 20 7582 7766\n\n\n \n ","length":2293,"tagName":"div"}]