CLS announces that is has unconditionally exchanged contracts to acquire a 23,982 square metres / 258,140 square feet office building in Dortmund for EUR66.25 million (EUR2,763 per square metres) excluding costs.
The property is located in a prime office location in the CBD of Dortmund, next to the central shopping district. The Central Station is within 800 metres of the asset and the underground station Stadtgarten is only a few hundred metress away. Dortmund is a top 10 city in Germany by population with a total office stock of 3.2 million square metres. It is situated on the eastern side of the densely populated “Metropole Ruhr”, the 3rd largest metropolitan area in Western Europe with a population of over 5 million people.
The property is occupied by tenants including one of Germany’s leading financial institutions, a department of the federal state of North Rhine-Westphalia and two smaller tenants with an overall WAULT of 5.2 years. CLS plans to invest in the property to improve tenant amenities and sustainability features while leasing the remaining vacant space. The property has a net initial yield of 5.1 per cent and a reversionary yield of 5.6 per cent.
The acquisition is expected to complete in April 2022.
Source: clsholdings.com on the 8th of March
https://www.clsholdings.com/media-centre/press-centre/2022