Listed UK property investor CLS has acquired a nine-storey office property in west London for £51 mln (€57.4 mln), including costs.
The asset, Harman House, is located at 1 George Street in Uxbridge, close to the underground station, and comprises 129,060 ft² (11,990 m²) of office space. The property has an occupancy rate of 98% and currently generates an annual rental income of £3.52 mln, producing a net initial yield for CLS of 6.9%. It has a reversionary rent profile with an estimated yield of 7.8% based on market rents.
Harman House was extensively refurbished in 2014 and has 10 tenants with a weighted average unexpired lease term of 7.9 years.
The transaction will be financed from existing CLS cash resources.
CLS has been listed on the London Stock Exchange since 1994. The company has a property portfolio in the UK, Germany and France valued at £1.8 bn at end-December.
