Central London office building snapped up for £53m

Property investor CLS Holdings PLC is acquiring an office building in central London for £53.85m.

The company has exchanged contracts to purchase 9 Prescot Street – a freehold property in Aldgate comprising 96,948 sq ft of multi-let office space spread over seven floors.

The building is fully let and forms part of an area that continues to undergo significant regeneration efforts, including the new Chinese Embassy in the former Royal Mint premises.

CLS said it plans to carry out a “substantial” refurbishment of the property, which currently delivers a contracted rental income of £2.56m.

Chief executive Fredrik Widlund said: “This acquisition is a clear demonstration of our ability to undertake transactions on an opportunistic basis where we can utilise our asset management expertise to deliver value over the long term in line with our strategy.

“The property’s excellent location and attractive potential makes this an exciting acquisition for CLS.”

The deal will be financed through CLS’ existing resources and bank financing.