CLS Holdings (LSE:CLS) has exchanged The Brix, a 21,797 sqm (234,621 sq ft) refurbished office building in Germany, in Essen's central business district, for €60m.
The price matches the property's 31 December 2025 book value, and completion is expected in the second quarter of 2026.
CLS noted the asset was bought in April 2021, when it had 28% vacancy, it was subsequently refurbished and re-leased on a new 30-year lease to the City of Essen with occupation from October 2025.
Proceeds from the sale will be used to pay down debt, and the price equates to roughly €2,750 per sqm.
"Following completion of the lease and refurbishment, we consider this the right time to crystallise the value of our investment through a disposal, improving the geographical focus of our German portfolio and reducing debt," Fredrik Widlund, Chief Executive Officer, said.
