CLS Holdings has exchanged contracts to acquire an office property in the English town of Bracknell, located 48 kilometres west of London. The investment volume of £21.7 mln (€30 mln) reflects an initial yield of 8%.
CLS Holdings has exchanged contracts to acquire an office property in the English town of Bracknell, located 48 kilometres west of London. The investment volume of £21.7 mln (€30 mln) reflects an initial yield of 8%.
The property known as Reflex on Cain Road, Bracknell comprises 9,600 m2 of Grade A office space arranged over three floors as well as an onsite gym and a café. The building is fully let to four tenants and generates a rental income of £1.8 mln.
The anchor tenant, Honda Motors, recently relocated its European headquarters to the building and has invested significantly in its offices and the surrounding area, which is currently undergoing a £200 mln regeneration project to provide new retail and leisure accommodation.
'Reflex provided an opportunity to invest in an area we have monitored closely for some time. We believe strongly in the prospects for well-let properties in the M3 and M4 corridors and we are well placed to benefit from them,' said Sten Mortstedt, executive chairman of CLS Holdings.
