Nov 2017
Jan 1970

Maples Teesdale advises CLS Holdings plc on purchase of Columbia Bracknell for £14.7m

Maples Teesdale acted for Columbia Bracknell Limited (a subsidiary of CLS Holdings plc) in relation to the off-market purchase of Columbia Bracknell, a multi-let office property in Bracknell, Berkshire for £14.7 million.

The property comprises 54,291 sq ft of office space and has an occupancy rate of 79%.

A number of new lettings were at an advanced stage at the beginning of the deal and our work included advising on an appropriate strategy for accommodating these within the transaction.

Columbia Bracknell had been extensively refurbished throughout and the Maples Teesdale construction team advised on the refurbishment package, including assignment of documents, dealing with responsibility for defects and retentions.

Fredrik Widlund, Chief Executive of CLS, commented:
“The acquisition of Columbia Bracknell is consistent with our strategy of investing in multi-let, high-quality offices in and around major cities across our three core markets: the UK, Germany, and France. This acquisition complements our existing portfolio and offers several opportunities for us to add value through active management and to significantly increase the occupancy rate.”

Contacts
Mark Harryman, Senior Associate, Commercial Property
020 3465 4336
mharryman@maplesteesdale.co.uk