CLS has bought Pacific House in Reading, a 57,086 sq ft multi-let office building, from Clearbell Capital for £14.9 million excluding costs.
The building, which is located to the south of Reading, is 92% let to seven tenants. It is 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, CEO 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.”
Savills advised CLS.
Source: CoStar
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