London-listed CLS is buying a 23,982sqm office building in Germany for €66.3m.
The FTSE 250 commercial property investment firm said it has agreed to buy the property located in Dortmund, next to the central shopping district.
CLS said it plans to invest in the property to improve tenant amenities and sustainability features while leasing the remaining vacant space.
Fredrik Widlund, CEO CLS, said: “This asset is a high-quality, well-located office and benefits from a diversified tenant base with the opportunity to secure market rents and deliver further value over the longer term.
“This is our third property in Dortmund, a growing and dynamic city that is benefitting from strong office demand and increasing rental growth. This acquisition again reflects our confidence in the underlying strength of the German office market.”
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