London's CLS Holdings acquires prominent Reading site for nearly £15m
CLS Holdings has completed the acquisition of Pacific House in Reading.
The property is a 57,086 sq ft multi-let office building, which came to £14.9m excluding costs. The acquisition has a net initial yield of 7.3 per cent.
The building, which is located to the south of Reading, is currently 92 per cent let to seven tenants. The property is near the M4 motorway and the planned Green Park train station.
Reading has been described as a ‘growing office market’, while Pacific House is currently leased at an average of £21 per sq ft.
CLS intends to conduct a number of upgrades to the building while focusing on leasing the remaining space in the building over the next few years.
Fredrik Widlund, chief executive officer of CLS, said: “Reading is an exciting location for offices as companies continue to look for more affordable alternatives to London.
“It is already home to a number of blue-chip occupiers and we look forward to working with the tenants to upgrade the space in due course.
“CLS continues to focus on acquiring assets at attractive yields in the UK market with strong cashflow and diverse income streams.”
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