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CLS to to acquire three office buildings in Germany for €89.7 million
StockMarketWire.com
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Real estate company CLS said it had unconditionally exchanged contracts to acquire a portfolio of three office buildings in Dusseldorf, Berlin and Hamburg for €89.7 million.
The three properties, occupied by 31 tenants, were currently 93% occupied with a WAULT of 4.9 years and the current average rent is 22% below estimated market rents, providing an opportunity to actively manage the assets to bring the rent to market levels over the medium term, the company said.
The net initial yield on the portfolio was 4.8% with a reversionary yield of 6.1%.
Hansaallee 299, Dusseldorf, was fully let to eight tenants with a WAULT of 3.9 years and has a current rent of €2.5 million.
Storkower Strasse 132, was fully let to ten tenants with a long WAULT of over 8 years. The current rent is €1.1 million.
he third property, Wendenstrasse 408 in Hamburg, was let to 13 tenants with a WAULT of 3.9 years.
The acquisition of the portfolio was expected to complete latest in Q2 2021.
Story provided by StockMarketWire.com
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