CLI Cls Holdings Plc

RNS No 5863h
CLS HOLDINGS PLC
26 October 1999




                    CITADEL HOLDINGS PLC ("CITADEL")
                  CONTINUES PARIS ACQUISITION STRATEGY


The  board  of  Citadel is pleased to announce that it has  acquired  two
further properties in the Paris area.

Lord Byron is located in the heart of Paris, just off Champs Elysee.  The
acquisition  comprises one floor of 606 m2 plus 6 car parking  spaces  in
the  excellently located co-ownership property.  Rue Bellevue is  located
in  Boulogne, a well established suburb just west of Paris.  The property
is  freehold  and  comprises 2,400 m2 and 60 car  parking  spaces.   Both
properties are fully let.

The  net  purchase  consideration for the two  properties  was  FFr  59.1
million,  including costs.  The total rental income amounts  to  FFr  4.7
million, providing a yield of 7.95% after acquisition costs.

The  equity  investment of FFr 15.9 million produces a  return  of  16.4%
based on a completed loan facility with a funding cost of 4.75%.

Executive Chairman, Sten Mortstedt, said:

"I  am  pleased  with these two further acquisitions  for  Citadel.   The
properties are located in prime areas of Paris and Boulogne (Paris).  The
acquisition  meets our requirements of modern, good quality offices,  let
to good tenants, providing an attractive return on equity investment."

For further information, please contact:

Glyn Hirsch, Executive Director, Citadel Holdings plc       0171 962 0054
Dan Baverstam, Executive Director, Citadel Holdings plc     0171 962 0054
Adam Reynolds / Rebecca Shand, Basham & Co                  0171 242 8005


END

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