CLS has sold a portfolio of 19 regional offices in the United Kingdom to Elite Capital Partners for €76.3 million ($85.2 million).
The offices are located across the United Kingdom outside of the South East and, following major lease re-gear last year, have less active asset management potential. The sale of the portfolio is in line with the company's strategy of actively recycling its capital and focusing the U.K. portfolio on London and the South East. Following the completion of this transaction, CLS will hold only two assets in the United Kingdom located outside of the South East.
The sales of 17 of the 19 office properties, which are held freehold or heritable title, have simultaneously exchanged and completed for €73 million ($82 million).The sales for €3.3 million ($3.7 million) of the remaining two assets, which are held long leasehold, have exchanged and are expected to complete in first quarter 2020, subject to the consent of the freeholder. All the o
