X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-CLS Holdings, the UK-based European property investment group, has added ten more suburban office properties to its French portfolio. It has paid Banque Hervet €42.525 million ($42 million) for the properties, which are all located in established office areas of various Parisian suburbs.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.