- CLS has exchanged contracts to acquire a portfolio of 12 properties in Germany from Zublin Immobilien, a Swiss-listed property group, for a gross asset value of €152.2m, excluding costs, representing a net initial yield of 6.3%.

CLS said the properties comprised 963,596 sq ft (89,521 sqm) of multi-let office space, with a current occupancy rate of 89%, and were let to 157 tenants, with a weighted average unexpired lease term of 3.3 years.

It said they generated a net rent of €10.1m per annum and the top five tenants, representing 28% of contracted rent, comprised Bosch Group, Panalpina World Transport, Alpine Electronics, Level 3 Communications and The State Government of North Rhine-Westphalia.

CLS said it would buy 11 of the 12 properties through the acquisition of two existing Zublin subsidiaries, and the 12th would be a direct property purchase.

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