StockMarketWire.com - CLS a has acquired Columbia Bracknell, a multi-let office property in Bracknell, Berkshire, for £14.7m, excluding costs. The property comprises 54,291 sq ft (5,043 sqm) of office space which, with an occupancy rate of 79%, currently generates an annual rental income of £0.88 million, and a net initial yield of 5.6%.
Once fully let, it is expected to produce £1.17 million per annum, reflecting a net initial yield of 7.5%.
CLS said: 'Columbia Bracknell has been extensively refurbished throughout and now has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 3.1 years.
'It is well-located between the main train station and the town centre, which has recently undergone a £240 million regeneration.'
The transaction will be financed from existing CLS cash resources.
At 9:38am: [LON:CLI] CLS Holdings PLC share price was +3.95p at 229.05p
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