London-listed property investment company CLS Holdings has acquired a mixed-use property in the west German city of Bochum for EUR 18 mln. The transaction reflects an initial yield of 6%. The property includes some 25,115 m[sup]2[/sup] of office and retail space and 643 parking spaces. It is mainly let to the city of Bochum, with a leasing contract until December 2012. The property has a vacancy rate of 42%, which compares to some 10,693 m[sup]2[/sup] of space. Once fully let, it will provide an estimated rental income of EUR 2.4 mln per annum.
Premium subscriber content – please log in to read more or take a free trial.
