CLS Holdings acquires office building in Bracknell

21st May 2015 08:29

Property investment group CLS Holdings has acquired the Reflex office building in the Berkshire town of Bracknell for £21.7m at an initial yield of 8%.In a short statement released on Thursday, CLS said the building, which is let to four tenants and generates rental income of £1.8m, hosts the European headquarters of Japanese automotive giant Honda Motors.The group said the town centre was undergoing a £200m regeneration project and the office market remained extremely appealing for investors."Reflex provided an opportunity to invest in an area we have monitored closely for some time," said group executive chairman Sten Mortstedt."We believe strongly in the prospects for well-let properties in the M3 and M4 corridors and we are well placed to benefit from them."CLS shares were down 0.71% to 1,966.04p at 08:38 on Thursday.