- Property company CLS said it had exchanged contracts to acquire three office properties in Greater London and the South East, for £59.71m excluding costs from Aviva Investors.

The portfolio of properties - in Richmond; Priory Place, Chelmsford; and Kings Court, Leatherhead - was 94% let with a WAULT of 3.8 years to breaks and delivered £3.7m net rent per annum, reflecting a net initial yield of 5.9%.

'There are significant opportunities to add further value through additional refurbishments, sustainability enhancements and other active asset management initiatives which will continue to drive further rental growth,' the company said.

'CLS intends to finance the acquisition through existing cash resources with completion expected 28 September,' it added.

Story provided by