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CLS secures government tenant in Dortmund, rental income to exceed €4m
(Sharecast News) - Property investor CLS has inked an eight-year, index-linked lease with a government department for 14,700 square metres and 290 parking spaces at Gotic Haus in Dortmund. CLS said on Thursday that the lease was scheduled to commence on 1 September 2026, following completion of a refurbishment and fit-out programme. With the former anchor tenant leaving in June, CLS said the building was now over 80% let, with ongoing discussions for the remaining 20%.
The London-listed firm said the rent was index-linked to German CPI, and that the total rental income for the building will now increase to over €4m per annum.
CLS also noted that changing the lease profile and planned improvements in the building were expected to drive an increase in value between now and practical completion.
Rolf Mensing, CLS's German head, said: "We are delighted to welcome the new tenant to Gotic Haus in Dortmund. The letting reflects what drives success in the German office market: active asset management, close partnerships with occupiers, and the ability to configure space to tenant's precise operational needs.
"Our investment in building quality and energy efficiency, reflected in Gotic Haus's BREEAM In-Use 'Very Good' rating, supports durable, index-linked income and underlines the appeal of well-located, sustainable offices in Germany."
As of 0830 BST, CLS shares were up 3.21% at 62.14p.
Reporting by Iain Gilbert at Sharecast.com
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