- CLS exchanged contracts to acquire PURO, a multi-let office building in Munich, for €32.0m excluding costs.

The purchase price reflected a net initial yield of 5.1%; the reversionary yield was estimated to be 6.4%, the company said.

The contracted annual rent of €1.73m equated to an average of €11.00 per sqm per month, and with an estimated rental value of €13.50 per sqm per month, presents significant opportunities for rental growth.

The company expected to spend €3.0m to improve the building, including converting lower ground storage into further offices.

Story provided by