West London offices acquired by CLS

£5.5m paid for multi-let offices in Hounslow

Article posted: 28 Sep 2011

CLS Holdings has exchanged and completed on the £5.5m acquisition of 50,522 sq ft of office space in Hounslow, Middlesex at two adjacent multi-let office buildings on Staines Road, Falcon House and Quest House.

The buildings total four floors of office accommodation let to tenants such as Aer Lingus, Alitalia, Telefonica O2, Vandemoortele, First Rate Exchange Services and Quest Diagnostics. The weighted average lease length to expiry is 5.2 years.

Commenting on the acquisition, Sten Mortstedt, Executive Chairman of CLS Holdings plc, said: “I am delighted with this acquisition, which continues our strategy of focusing on high yielding, cost effective offices that provides us with reliable diversified cash flow from solid tenants. In addition there are a number of interesting asset management opportunities over the coming years. Being well financed places us in a very strong position to take advantage of the current market conditions for this type of acquisition.”

The purchase is the first UK office acquisition for almost a year for CLS. At the end of 2010 the investor completed on the purchase of 98,869 sq ft of office space in New Malden, Surrey at Apex Tower. The fully let 15 storey office building was bought for £21.46m. With a rental income of £1.86m per year, Apex Tower’s tenants include Tesco Stores and William Hill Organisation.

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Posted by Jo