CLS Holdings PLC said on Tuesday it acquired a office building in Dortmund, Germany for €66.3 million.
The property has a net initial yield of 5.1% and a reversionary yield of 5.6%.
According to CLS, the property is occupied by ‘one of Germany’s leading financial institutions’, a department of the federal state of North Rhine-Westphalia, and two smaller tenants with an overall weighted average unexpired lease term of 5.2 years.
The London-based commercial property investment company added that it plans to improve tenant amenities and sustainability features at the property, while leasing the remaining vacant space.
The acquisition is expected to complete in April.
Shares in CLS were up 0.8% at 187.00 pence on Tuesday morning in London.
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