CLS Holdings has sold two offices in London and Antibes for a total of €30 mln.
Chancel House in Neasden has been sold to the Department of Communities and Local Government on behalf of the Education Funding Agency (EFA) for £18.7 mln (€21 mln), 39% above its valuation at 31 December 2015.
CLS has also completed on the sale of Chorus, a 4,421 m2 office building in the Nova Antipolis area of Antibes for €9.4 mln, 2.4% above its valuation at 31 December 2015.
'Chancel House and Chorus presented opportunities to realise immediate value and to refine our portfolio. Their sales are in line with our strategy and unlock capital that can be reinvested in higher yielding opportunities elsewhere,' commented Fredrik Widlund, CEO of CLS.
Chancel House comprises 7,081 m2 of office space with 189 on-site car parking spaces. 56% of the building is income-producing from Trillium on behalf of the Department of Works and Pensions until March 2018 and, with 44% of the property vacant, the sales price represents a net initial yield of 3.3%.
The disposal of Chorus was concluded following the announcement of the sale in the company's half-year results.
