CLS Holdings announces major lease deal in Dortmund
CLS Holdings
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10:34 19/12/24
Europe-focused office and commercial property investor CLS Holdings has leased 9,600 square metres of office space for 20 years in Dortmund, Germany.
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The City of Dortmund's Office of Public Order has chosen to establish its new headquarters at 'The Yellow' office in central Dortmund, representing one of the largest leases in the Ruhr district in 2024.
The weighted average unexpired lease term for the property will increase from 2.5 years to 9 years, while the total income for the building will rise from €3.9m to €4.8m from 2026.
CLS, which acquired The Yellow in 2021, is currently investing in the property to providing advanced cooling and ventilation systems, and enhanced amenities for staff wellbeing.
"We are delighted to announce this significant lease agreement with the City of Dortmund," said CLS's chief executive Fredrik Widlund.
"It reflects CLS' strategic commitment to providing high-quality, sustainable office spaces that meet the needs of our tenants while enhancing the value of our portfolio."