CLS seals hat-trick of office deals

CLS has exchanged contracts to sell two UK properties for £5.9m and acquire another in Germany for €38.2m (£34.7m). The firm is selling Quest House in Hounslow and Atholl House in Aberdeen 9.3% ahead of a valuation on 30 June. The German property it is buying is located in the central business district of Essen. Split over five interconnected buildings, The Brix provides 234,115 sq ft of office space and a yearly rent of €1.72m. The property is 72% let to three tenants including Siemens AG, which provides CLS with refurbishment opportunities to capture market rents on the empty space. Fredrik Widlund, chief executive of CLS, said: “The past year has been a challenging period, but CLS has been able to acquire a range of assets which provide opportunities for active asset management while bolstering the income of the portfolio.” “In 2020, we acquired over £200m of properties while disposing of £70m, taking advantage of opportunities presented by the current market dislocation. “The acquisition of The Brix is another example of CLS’s ability to source and execute deals which are complementary to the portfolio while allowing us to use our expertise to deliver further value.”   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette