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CLS Holdings exchanges contracts on €15.3m ‘multi-let’ Munich offices

CLS Holdings, the London-headquartered property investor, has announced it has exchanged contracts to acquire a significant office development in south-east Munich.

The firm is to pay €15.3m for the Network Perlach building in Perlach, the 101,708 sq ft office development that sits near the S-Bahn station in Perlach.

Currently multi-let, the investor said that the property is generating rental income of €821,000 per annum and that, much like wider Munich, is experiencing a period of rising rents which has made the city an enticing proposition for the investment firm.

Following confirmation of the deal, Fredrik Widlund, Chief Executive of CLS, said in a statement to the London Stock Exchange this morning: “The acquisition of Network Perlach is consistent with our strategy of investing in multi-let, high-quality offices and we look forward to enhancing the returns from the property to maximise its potential in the medium term.”