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CLS Adds to French Portfolio

LONDON-The UK-based European investor CLS Holdings has added to its French portfolio with the €42.5 million ($42 million) purchase of ten office buildings in the suburbs of Paris from Banque Hervet.

By Graham Parker | Updated on July 09, 2002

LONDON-CLS Holdings, the UK-based European property investment group, has added ten more suburban office properties to its French portfolio. It has paid Banque Hervet €42.525 million ($42 million) for the properties, which are all located in established office areas of various Parisian suburbs.

The buildings total 194,413 sf and are let to 57 different tenants with a vacancy rate of 2.6%. The rental income from the properties is €3,663,790 ($3.63 million) and there is a significant reversionary element according to the company. The purchase price represents an initial yield of 8.6% and after lease restructuring this is expected to rise to 9.25%.

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