CLS has completed the acquisition of a property in Dusseldorf that was announced on 11 July for €43.6m. The net rental income of €3.1m reflects a net initial yield of 7.1% which has been financed with a local bank at an all-in cost fixed for 7 years at 0.92%. The property has a high occupancy rate and has significant scope for future rental increases and other asset management opportunities. In our view it is a good example of how cash generation can act as an offset to any possible
