London-listed commercial property firm CLS Holdings has completed the sale of a 250-year leasehold interest in a car park in London to Urbanest, a student accommodation developer and operator.
London-listed commercial property firm CLS Holdings has completed the sale of a 250-year leasehold interest in a car park in London to Urbanest, a student accommodation developer and operator.
The deal price comes to £24.8 mln (€34 mln). The sale proceeds were £3.2 mln higher than the car park’s book value at 31 December 2014.
Located on Miles Street in London's Vauxhall, the car park site has planning consent for a 454-room, 30-storey student building as part of CLS’s 147,000 m2 Vauxhall Square development scheme.
Urbanest expects to begin the development of the student building early in 2016.
CLS Holdings is active in the UK, Germany, France and Sweden and had assets under management of £1.4 bn (€1.9 bn) at end-June this year.
