CLS has announced the completion of three acquisitions in Germany at a total consideration of 71,423,307 (£48,252,470) inclusive of all costs. Two of the buildings are located in Munich and one in Stuttgart.
The first project that has now been completed is the acquisition and financing of the Headquarters of BrainLab AG in Feldkirchen, Munich. The property is a new development of a total of 16,100 m² and 213 car parking spaces, fully let to BrainLab on a 10 ½ year lease without breaks, with an annual rent of 2,043,791 (£1,380,754) and a rent free period of six months. The total acquisition cost for this investment was 30,058,850 (£20,307,290) with an annual return on equity, after the rent free period, of 14.3% financed by a completed 7 year fixed interest rate loan facility of 24,200,000 (£16,349,142).
The second project is the property known as Maximillian Forum, located in Planegg, Munich. The property was constructed in 1995 and comprises 13,906 m² of offices and 232 car parking spaces. The property is fully let to various tenants with two anchor tenants, Gambro and MedieGene, and generates a total annual rent of 2,035,189 (£1,374,942). The total acquisition cost for this investment was 29,322,257 (£19,809,942) including all costs. The annual return on equity is 13.1%, based on a completed fixed 5 year fixed interest rate loan facility of 21,000,000 (£14,187,272).
The third project is the property known as Step 9, located in Stuttgart Engineering Park, Stuttgart. The property was constructed in 2004 and comprises 5,058 m² of offices, 174 m² of storage and 59 car parking spaces. The property is fully let to various tenants and generates an annual rental income of 794,090 (£536,475). The total acquisition cost was 12,042,200 (£8,135,522). The annual return on equity is 16.1% based on a completed 5 year fixed interest rate loan facility of 9,300,000 (£6,282,935).
Christian Holle of IAM has acted as consultant for CLS on all these transactions.