StockMarketWire.com - CLS Holdings has completed the acquisition of two office properties in London and the South East for a total of GBP10.6 million.

The group says both acquisitions present good refurbishment and repositioning opportunities for its core asset management business.

One Elmfield Park, Bromley, BR1, comprises 2,238 sq m (24,092 sq ft) of office space and has been acquired for GBP4.5 million, reflecting a net initial yield of 7.3%. When the current leases come to an end in July 2016, CLS intends to undertake a significant refurbishment programme ahead of a re-launch in 2017.

CLS says Bromley's office market is characterised by a marked undersupply of good office space, which presents significant opportunities. With strong transport links to London Victoria, ongoing investment into the town centre, and a recent reduction in office supply, the area is expected to see robust rental value growth in the short to medium term.

Cassini Court and Pascal Place, Randalls Research Park, Leatherhead, Surrey KT22, comprise 2,613 sq m (28,122 sq ft) of office space across two buildings which were purchased for a total of GBP6.1 million, representing a net initial yield of 6.0%. CLS will undertake a modernisation programme of the properties, which will be available for reletting during the latter part of 2016.



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