CLS Holdings sells Paris office space for €42m

The sale price was 21.4% above the 31 December 2018 valuation and reflected a net initial yield of 3%, the company said. The deal is expected to complete before the end of September.

Ateliers Victoires is 21,500 sq ft of modern office space over eight floors at 48 Rue Croix des Petits Champs in Paris. It was recently redeveloped by CLS's in-house development team to provide high quality office space with a double height entrance hall and the upper floor offering panoramic views across Paris.

The building was fully let to Epoka, a leading consultancy in corporate communications, HR and marketing.

Chief executive officer Fredrik Widlund said: "This disposal is a demonstration of our capital discipline and asset management expertise. While we are long-term investors in Paris, we are opportunistic in our approach to realising value. The proceeds will give us additional resources to reinvest in properties across our key markets."