CLS Holdings is selling three more London buildings as it continues a clear-out of its UK portfolio.
The Swedish investment company, run by executive chairman Sten Mortstedt, is selling the 153,000 sq ft Great West House in Brentford, Middlesex, through DTZ and Savills for £30m, reflecting a 7.5% yield.
CLS is also selling the 36,000 sq ft 200 Great Dover Street, SE1, for £8m, an 8.5% yield; and the 10,000 sq ft Ingram House on John Adam Street, WC2, for around £10m.
Sources said that CLS was taking a bearish view of the UK market and was keen to dispose of non-core assets. In January, the company sold its one-third stake in the Shard of Glass development in London Bridge, SE1, for £30m – a £25m
write-down from the stake’s £55m book value.
Since then, CLS has put the 45,000 sq ft 1 Leicester Square, WC1, on the market for £31.5m, a 5.25% yield, and has sold the 102,000 sq ft Vista Centre office complex in Heathrow for £12.8m.
Kingly Partners and Ingleby Trice Kennard are advising on Great Dover Street; Kingly and Catella UK are acting on
Ingram House.
Darren.Lazarus@rbi.co.uk
