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An office space building in south-west London has been acquired by the CLS Holdings company for a total of around £21.46 million.
The lower levels of the Apex Tower in New Malden are used for retail purposes but the upper 15 floors accommodate close to 100,000 square feet of office space.
BAE Systems is currently the principal occupier of office space at Apex Tower and the international security and aerospace company is expected to provide CLS with the lion’s share of any resulting rental fees in years to come.
A Tesco supermarket and a William Hill betting outlet are both located at the foot of the building but CLS is primarily keen to add to its portfolio of London office space buildings, which already includes the nearby CI Tower.
“We are pleased to conclude the purchase of Apex Tower, which provides an excellent long-term income stream from blue-chip tenants together with a number of short and medium-term asset management opportunities,” said Sten Mortstedt, executive chairman of CLS Holdings.
“It continues our focus on owning cost effective offices, which generate reliable cash flow,” he added.
Last month, an enormous deal worth close to £340 million was agreed between British Land and Oxford Properties that will see the two commercial property giants establish a new landmark skyscraper office space building in central London.
The UK capital was recently rated as the best city in the world in which to do business by the international real estate business Cushman and Wakefield.