CLS has sold a portfolio of 19 regional offices to Singaporean investor Elite Capital Partners for £65m.
CLS sold the properties, which are located outside the South East, after major lease re-gears last year left it with less active asset management potential.
Following the completion of sale, CLS will hold only two assets in the UK located outside of the South East.
The portfolio comprises 618,223 sq ft and is 97.5% let on FRI leases to various UK government bodies with a WAULT of 4.1 years to break. It provides an annual rent of £6.5m at an average of £10.62 per sq. ft.
CLS said the sale of the portfolio was in line with its strategy of actively recycling capital and focusing its UK portfolio on London and the South East.
Chief executive Fredrik Widlund said: “This transaction is a significant step in implementing our strategy of focusing our UK portfolio on London and the South East office markets, a region in which we remain confident of the long-term prospects.
“We continue to see significant opportunities for acquisitions across our core markets and this transaction will allow us to recycle capital to capitalise on those opportunities.”
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