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CLS Returns With South Bank Investment Deal

LONDON-Pan-European investor CLS Holdings has bounced back from the departure of its chief executive Glyn Hirsch to buy a site on London's South Bank. The deal is CLS's first in the UK for three years.

By Graham Parker | Updated on October 09, 2001

LONDON-CLS Holdings has returned to the UK market after concentrating for the past three years on Scandinavia and France. The week after chief executive Glyn Hirsch announced his resignation, the company has completed the purchase of an office block with development potential at 200 Great Dover Street, SE1.

The 36,345 sf building, at the junction with Borough High Street and directly opposite the entrance to Borough underground station, lies close to the proposed 1,000-ft Southwark Tower development where CLS has a 33% stake alongside Irvine Sellars. It is let to Conoco for 32 years from 1979, expiring in June 2011 with a rent review in June 2004. The current rent is £725,000 ($1.07 million) per annum, which equates to approximately £19.95 ($29.33) per sf.

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