CLS completes acquisition of Züblin portfolio

UK based investment property firm, CLS Holdings confirmed on Tuesday it had completed a previously announced acquisition of twelve properties in Germany for a cash value of €148m.

The properties were acquired from Züblin Immobilien, a Swiss-listed property group and consists of 963,596 square feet of multi-let office space, with 157 tenants at a current occupancy rate of 89%.

Net rent generated from the properties is €10.1m per year, with the top five tenants accounting for 28% of that.

As of 0845 BST, shares had remained relatively unchanged by the announcement, down 0.64% to 218.60p.