CLS offloads Birmingham office block

CLS has sold a pair of assets for a total of £10.7m – an average discount of 5% on its December 2023 valuations. The group has sold the 35,992 sq ft Aqueous II office building at Aston Cross Business Park in Birmingham and a 42,902 sq ft office block in Hansastrasse, Dortmund. The two sales follow that of Quatuor in Paris for €11.1m (£9.4m) and Westminster Tower in London for £40.8m.  CLS added that the sales process for its Spring Mews purpose-built student accommodation scheme in Vauxhall had generated “significant interest” and that it had received first-stage bids from several parties that it was currently analysing. The firm appointed JLL to market the 393-bed property at 10 Tinworth Street, SE11, in April for around £100m. CLS chief executive Fredrik Widlund said: “We remain focused on having the highest quality, sustainable, modern offices in our locations. Both properties recently sold were part of previous portfolio acquisitions and no longer align with our long-term strategic objectives.” He added: “We have significant opportunities in our portfolio and the disposals are in line with our previously announced strategy to reduce leverage in preparation for growth.”