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