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LONDON-CLS Holdings has returned to the UK market after concentrating for the past three years on Scandinavia and France. The week after chief executive Glyn Hirsch announced his resignation, the company has completed the purchase of an office block with development potential at 200 Great Dover Street, SE1.

The 36,345 sf building, at the junction with Borough High Street and directly opposite the entrance to Borough underground station, lies close to the proposed 1,000-ft Southwark Tower development where CLS has a 33% stake alongside Irvine Sellars. It is let to Conoco for 32 years from 1979, expiring in June 2011 with a rent review in June 2004. The current rent is £725,000 ($1.07 million) per annum, which equates to approximately £19.95 ($29.33) per sf.

CLS believes the property, which occupies a large site, has the potential for redevelopment with up to 80,000 sf of offices. Executive chairman Sten Mortstedt, said: ‘This acquisition marks our return to buying in the UK after three busy years expanding in Europe. Decreasing interest rates have made the UK market more attractive and we are now actively looking for further acquisitions within Greater London’

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