CLS Holdings has completed the acquisition this month of two major properties in London and Munich for around c.€93m (£82m). The company has purchased Puro, a multi-let office building in Munich, for €32m, and invested €61m (£53.9m) in 9 Prescot Street.
Puro comprises 140,717ft² of office space over three floors and is let to nine tenants, providing a WAULT of 4.9 years. The company expects to spend €3m to improve the building, including converting lower ground storage into further offices. Located within the established office area of Ismaning, the property benefits from excellent transport links and proximity to a variety of amenities for tenants.
9 Prescot Street has 96,948ft² of multi-let office space over seven floors and is 100% let to four tenants with a weighted average unexpired lease term of 2 years to breaks. The property is located on the fringe of the City in the Aldgate area, which continues to undergo significant regeneration, and is close to multiple key transport links including Fenchurch Street, Tower Hill, Aldgate East and Shadwell stations.
Commenting on both acquisitions, Fredrik Widlund, Chief Executive Officer of CLS, said: “This is an exciting time for CLS. We continue to strengthen our portfolio through acquiring buildings in our key markets with strong asset management opportunities and have built an unrivalled portfolio which is resilient in the face of the economic uncertainty that is present across Europe.”
