Further growth for property investment firm with £66.65m London office acquisitions

A property investment specialist has announced it has acquired two London office building for a total of £66.65m.

CLS has unconditionally exchanged contracts to acquire 6 Lloyds Avenue in the City of London and the Clockwork Building in Hammersmith.

Comprising 34,640 sq ft of multi-let office space near Fenchurch Street station, 6 Lloyds Avenue is currently 82 per cent let to 27 tenants.

The Clockwork Building comprises 39,626 sq ft of space which is 100 per cent let to 6 tenants.

The two properties have a blended annual rent of £4.2m and a net initial yield for CLS of 6.2 per cent, building on the firm’s rental income stream and supporting further acquisitions.

Fredrik Widlund, chief executive officer of CLS, commented: “The UK market, and particularly London, offers significant opportunities for acquisitions by well-capitalised real estate investors with these properties offering strong cashflow from a diverse range of tenants.

“We continue to focus on our successful strategy of acquiring properties on an opportunistic basis across the UK, Germany and France, where we can actively manage the assets to deliver income growth and value to investors.”

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