CLS sells German office property for EUR 12.8m

London-listed property investment firm CLS has announced the sale of the Step 9 office building in Stuttgart-Vaihingen, Germany, to Hamburg-based Union Investment Real Estate for EUR 12.8 mln.

Step 9 is a five-storey multi-let office building located in the Stuttgarter Engineering Park in Stuttgart-Vaihingen. It produces an income of EUR 827,200 a year, reflecting a net initial yield of 6.4%. CLS acquired the property in 2006 for EUR 11.4 mln.

Union Investment Real Estate will add the property to its institutional fund Immo-Invest Europe.