Oct 2019
Oct 2019

Maples Teesdale advise CLS Holdings on the acquisition of Pacific House, Reading

By Mark Harryman

Maples Teesdale advised CLS Holdings on the acquisition of Pacific House in Reading, Berkshire, for £14.9m. The 57,086 sq ft building has been acquired for a net initial yield of 7.3%. The building is let to seven tenants and is 92% occupied. It is currently leased at an average of £21 per sq ft. CLS will carry out some upgrades to the building and focus on leasing the remaining space in the building.

CLS chief executive Fredrik Widlund 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."

The Maples Teesdale team was led by Mark Harryman (Partner) and Adrian Howard (Of Counsel).