CLS Holdings purchases two new office blocks for £10.6m

CLS Holdings has purchased two office blocks in London and the South East for £10.6m.

The FTSE 250 company announced the deals on Tuesday, and said the acquisitions “present good refurbishment and repositioning opportunities for CLS's core asset management business."

One Elmfield Park in Bromley was purchased for £4.5m, with the 24,092 square feet property already leased out until July.

Once the leases expire, the company plans to refurbish the building before re-launching it in 2017.

It said the area is expected to see rental value growth in the short to medium term due to transport links to London Victoria, ongoing investment into the town centre, and a recent reduction in office supply.

In Surrey, the company also acquired Cassini Court and Pascal Place at Randalls Research Park in Leatherhead for £6.1m.

The company will undertake a modernisation programme, allowing the it to re-let the 28,122 square feet of office space later in the year.

CLS Holdings executive chairman Sten Mortstedt said the properties further bolster the company’s core London and South East portfolio.

“[They] are another example of CLS Holdings' commitment to identifying opportunities that allow the Group to exploit its extensive asset management credentials.”