StockMarketWire.com - CLS said Tuesday it had completed the sale of Buspace Studios for £13.5m to Warrior Property Group.

The company realised a profit of 4.2% above the property's valuation at 30 June of £12.95m, which was unchanged from 31 December 2017, CLS said.

The property was acquired by Warrior Property Group on a net initial yield of 4.5%, with the potential to apply for a change of use.

The property was sold because of its small lot size, low yield and limited scope for CLS to further add value, the company said. 'Buspace Studios has served as an incubator for businesses with small space needs, allowing them to grow into potential tenants for other CLS properties within London. We look forward to investing the proceeds of the sale into higher yielding properties which have the scope for us to maximise value through active asset management,' said Fredrik Widlund, Chief Executive of CLS.



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