Acquisition
October 29 2002 - 2:02AM
UK Regulatory
RNS Number:0536D
CLS Holdings PLC
29 October 2002
Release date: 29th October 2002
Embargoed until: 07:00
CLS HOLDINGS PLC ("CLS") - ACQUISITION IN FRANCE
The Board of CLS is pleased to announce that its wholly owned subsidiary Citadel
Holdings plc has acquired a further property in France, Villa Angelica, 58-60
avenue du Generale Leclerc, 92430 Bourg La Reine.
The freehold property is located in Bourg La Reine, a suburb in the south-west
of Paris with excellent communications to central Paris. The property is new,
finished to a high specification and has been developed jointly by Sogeprom and
Franco Suisse. It comprises 3,372 sq m (36,232 sq ft) of office space and 390 sq
m (4,190 sq ft) of retail space together with 81 car parking spaces. The
property is fully let with 90% of the premises let to the insurance company
Atlantic SFDT and the property management company Efimo on 9-year leases without
breaks and the remaining space is let to Credit Lyonnais on a standard 3/6/9
year lease. The net rental income from the property is Euro814,272 (#512,991) per
annum, which equates to Euro216.45 per sq m (#12.69 per sq ft) inclusive of car
parking. The total purchase price for the property was Euro9,400,000 (#5,922,000)
inclusive of all costs, representing an initial yield of 8.65%. The return on
equity is 32% whilst the cash return on equity is 22% based on a completed loan
facility of Euro7,440,000 (#4,687,200) at an interest rate of 4.4% per annum on a
floating rate basis, hedged with an interest rate cap for 5 years.
L'Etoile Properties advised CLS in respect of this acquisition.
Executive Chairman, Sten Mortstedt, said:
"I am pleased with this acquisition of a newly constructed office building in
the Paris area. The property is exceptionally well let, with long-term leases to
strong tenants. The acquisition of Villa Angelica demonstrates that we are able
to continue to find attractive high return, good quality investments in France."
-ends-
For further information, please contact:
Sten Mortstedt, Executive Chairman
Tom Thomson, Vice Chairman & Acting Chief Executive
CLS Holdings plc Tel. +44 (0)20 7582 7766
www.clsholdings.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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