CLS has exchanged or completed on three property disposals for a total of £49.0 million excluding costs at an average of 7.5% above 31 December 2022 valuations.

CLS sold Westminster Tower, Albert Embankment to Australian developer Third.i with expected completion in September 2023.

CLS acquired the property in 1987 and was one of the older properties in their portfolio benefitting from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors, with views overlooking the River Thames and Westminster.

Fredrik Widlund, Chief Executive Officer of CLS, said: “We remain focused on having the highest quality, sustainable, offices in our locations. As part of our continuous evaluation of our properties, including the ability to add value through planning opportunities, these assets were no longer suitable for the tenants we look to service, so I am delighted that we have been able to generate such strong returns with all three properties selling above 31 December 2022 valuations.”