London-listed property company CLS Holdings confirmed on Tuesday that it has completed the purchase of Apex Tower in New Malden, Greater London for £21.46 mln (EUR 24.7 mln) including costs. Apex Tower consists of 15 upper floors of 9,185-m[sup]2[/sup] of offices, four retail units and a bar at ground floor level totalling 1,265 m[sup]2[/sup] and a four-storey car park at the rear.
London-listed property company CLS Holdings confirmed on Tuesday that it has completed the purchase of Apex Tower in New Malden, Greater London for £21.46 mln (EUR 24.7 mln) including costs. Apex Tower consists of 15 upper floors of 9,185-m2 of offices, four retail units and a bar at ground floor level totalling 1,265 m2 and a four-storey car park at the rear.
The tower is located on the opposite side of the High Street to CI Tower, which CLS also owns.
The building is fully let and produces £1.86 mln income per annum, of which 94% is from a lease to BAE Systems on the whole of the offices expiring in June 2020. The retail tenants include Tesco Stores and William Hill Organisation. The net initial yield to CLS is 8.66% and with debt financing arranged by Deutsche Postbank, the initial return on equity is 16.1% per annum. CLS initially announced the transaction in August this year.
