CLS has exchanged on the €89.7m (£79.3m) acquisition of three office buildings in Germany from Commodus Real Estate.
The portfolio of buildings in Düsseldorf, Berlin and Hamburg has been bought with a net initial yield of 4.8%.
The sites have 31 tenants and an occupancy rate of 93%. The average rent is more than a fifth below estimated market rents.
The largest site is Hansaallee 299 in Düsseldorf, a 178,918 sq ft office building built in 2003. The other assets are the recently refurbished Storkower Strasse 132 in Berlin and Hamburg’s Wendenstrasse 408.
Fredrik Widlund, CLS’s chief executive, said: “These assets are high-quality, well-located German offices and benefit from a diversified tenant base with the opportunity to secure market rents and valuation uplifts in the years ahead.”
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