CLS has sold three properties for a total of £49 million at an average of 7.5% above 31 December 2022 valuations.
CLS has unconditionally exchanged contracts to sell Westminster Tower, Albert Embankment to Australian developer Third.i with expected completion in September 2023.
Having acquired the property in 1987, it is one of the older properties in CLS’ portfolio and benefits from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors, with views overlooking the River Thames and Westminster.
CLS has also recently completed on the sale of a smaller office property, St Cloud Gate in Maidenhead, UK and a legacy land holding outside Helsingborg in Sweden with planning permission for logistics.
Fredrik Widlund, Chief Executive Officer of CLS, commented: “We remain focused on having the highest quality, sustainable, offices in our locations. As part of our continuous evaluation of our properties, including the ability to add value through planning opportunities, these assets were no longer suitable for the tenants we look to service, so I am delighted that we have been able to generate such strong returns with all three properties selling above 31 December 2022 valuations.”
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