CLS Holdings Plc has announced today the completion of the acquisition of a portfolio of properties in Germany with a total consideration of £18,740,074, inclusive of all costs. All three properties are located in the Munich area.
The properties acquired are the Technocenter in Gräfelfing, Büropark am Messegelände and the German headquarter of Trend Micro Inc.
According to a statement, the initial yield of the portfolio after costs is 7.0 per cent and the return on equity is 17.5 per cent based on a completed 7 year fixed interest rate loan facility of £15,008,432.
In the statement Executive Chairman for CLS, Sten Mortstedt said, I am pleased with the acquisition of these three properties in Munich. The Munich area is one of the most prosperous in Germany with an active and expanding business community. The properties within this portfolio are fully let new office buildings which generate attractive financial returns.