CLS Holdings has completed the purchase of the outstanding leasehold interests in the government-tenanted Neo Portfolio.
In September, the company announced the acquisition of 34 UK properties for £118.6m, and has now confirmed it has completed the purchase of four outstanding long-leasehold properties.
The four properties comprised £12.8m of the original purchase price, and income from them has accrued to CLS from the original date of purchase on 13 September 2013.
Receivers FRP Advisors appointed Lambert Smith Hampton and Brown Cooper Marples in April to sell the former Wichford government income portfolio, which was owned by Redefine International.
The portfolio generates, net of ground rents, a rental income of £15.1m pa, and has a weighted average lease term of 7.2 years, or 4.8 years to the first break.
It is 99% let to tenants including HM Revenue & Customs.
CLS saw off competition from parties including Mountgrange and Oaktree for the portfolio.
bridget.o’connell@estatesgazette.com
