LONDON-CLS, the quoted property comp any with holdings on both sides of the English Channel, has bought two more office buildings at 96 rue Nationale and 105 avenue de la République in Lille, Northern France,

Both are located in Lille’s prime office area. They have a combined floorspace of 74,602 sf of offices, 800 sf of storage space and 188 car parking spaces and are fully let, producing a total rental income of FFr 4,854,164 ($686,000) per annum.

The total purchase price for the properties was FFr 48 million ($6.8 million) representing an initial yield of 10.6%. CLS has completed a floating-rate loan facility of FFr 36 million ($5 million) at a capped interest rate of 5.25% which means it will receive a return on equity of 31.5%.

CLS’s Executive Chairman, Sten Mörtstedt, said: ‘These acquisitions continue our strategy of acquiring high yielding, well let office buildings in good office locations, producing very satisfactory returns on the equity invested.‘

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