International firm acquires Harrow office development in £13.8m deal

Pan-European property investment specialist CLS Holdings has announced the latest addition to its London portfolio.

CLS has unconditionally exchanged contracts to acquire office development One Six Six in Harrow, Greater London for £13.8m.

Situated on College Road, the building was renovated in 2016 and comprises 34,655 sq ft of office space.

The building, which is already multi-let to eight tenants, represents a net initial yield of 7.1 per cent for the firm.

Fredrik Widlund, chief executive officer of CLS, commented: “This property is a great fit for our UK portfolio as we already own a number of assets in the west London area, including nearby Hygeia on College Road where our in-house asset management initiatives have proven to be very successful.

“We believe that Harrow has significant opportunity for growth within Greater London from which we are well positioned to benefit.”

The acquisition is the latest for the London-based firm, which specialises in workspace across the UK, France and Germany.

Commenting on the firm’s planned growth, Fredrik added: “We continue to look for acquisition opportunities across our key markets that meet our investment criteria.”