CLS Holdings PLC on Friday said it signed a 30-year lease in the Essen, Germany central business district and will invest in improving the workspace.

The London-based commercial property investor said the lease is for 17,400 square metres at the Brix office building and is with the City of Essen.

CLS said it will spend €20 million on the building over the next three years, aiming to develop a sustainable, high-quality and flexible workspace, with the programme beginning in August 2024, after the current tenant vacates. The company expects to complete the project in mid-2025.

The Brix was acquired by CLS in April 2021. It had 28% vacancy at the time but will be fully let with the new deal.

Chief Executive Officer Fredrik Widlund said: ‘This is one of the largest-ever leases for CLS in Germany and a fantastic achievement for the team. Together with the City of Essen, we have committed to invest in a comprehensive refurbishment programme in line with our strategy to operate modern and sustainable offices of the highest quality.’

Shares in CLS were trading flat at 135.60 pence each in London on Friday morning.

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