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CLS Holdings buys London office site for £51m
CLS said it had exchanged contracts to acquire Harman House in Uxbridge for £51m including costs.
The property comprises 129,060 sq. ft. (11,990 sqm) of office space arranged over nine floors which, with an occupancy rate of 98%, and currently generates an annual rental income of £3.52m, producing a net initial yield for CLS of 6.9%, the company said.
The property has a reversionary rent profile with an estimated yield of 7.8% based on market rents, CLS added.
"Harman House was extensively refurbished in 2014 and has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 7.9 years (or 5.8 years to first break)," it said.
CLS said the transaction will be financed from existing cash resources.
The property comprises 129,060 sq. ft. (11,990 sqm) of office space arranged over nine floors which, with an occupancy rate of 98%, and currently generates an annual rental income of £3.52m, producing a net initial yield for CLS of 6.9%, the company said.
The property has a reversionary rent profile with an estimated yield of 7.8% based on market rents, CLS added.
"Harman House was extensively refurbished in 2014 and has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 7.9 years (or 5.8 years to first break)," it said.
CLS said the transaction will be financed from existing cash resources.
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