The buildings total 194,413 sf and are let to 57 different tenants with a vacancy rate of 2.6%. The rental income from the properties is €3,663,790 ($3.63 million) and there is a significant reversionary element according to the company. The purchase price represents an initial yield of 8.6% and after lease restructuring this is expected to rise to 9.25%.
Executive Chairman, Sten Mortstedt, said:"I am pleased that we are continuing to find good investment opportunities generating good returns and that we have been able, through active asset management, to realise some of the reversionary value in our portfolio, thus enhancing asset values."
L'Etoile Properties advised CLS.
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