CLS Holdings has completed its purchase of two office blocks in the South East for a total of £10.6m.
Both would present good refurbishment and repositioning opportunities for its core asset management business, the firm said.
The 24,092 sq ft One Elmfield Park in Bromley was bought for £4.5m, reflecting a net initial yield of 7.3%. When the current leases come to an end in July 2016, CLS intends to refurbish the block and relaunch it in 2017.
The 28,122 sq ft Cassini Court and Pascal Place at Randalls Research Park in Leatherhead, Surrey, were bought for £6.1m, reflecting a net initial yield of 6%.
Sten Mortstedt, executive chairman of CLS Holdings, said: “These properties further bolster our core London and South East portfolio and are another example of CLS Holdings’s commitment to identifying opportunities that allow the group to exploit its extensive asset management credentials.
“We remain confident in the strength of the commercial property market in London and the South East and its ability to deliver long-term returns.”
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