CLI Cls Holdings Plc

 
TIDMCLI 
 
6 January 2010 
 
 
                            CLS HOLDINGS PLC (CLS) 
 
                      ANNOUNCES A NEW FRENCH ACQUISITION 
 
The Board of CLS is pleased to announce that its wholly owned subsidiary, 
Citadel Holdings Plc, has purchased 7 rue Eugène et Armand Peugeot, 92500 Rueil 
Malmaison, a 7,357 sq m (79,161 sq.ft) office building with 146 parking spaces. 
The consideration inclusive of all costs was EUR33 million (GBP29.8 million). 
 
The property, built in 1988, was partly refurbished in 2005/06, and 
substantially refurbished in 2009. It is located to the west of Paris, in 
Rueil-Sur-Seine, an attractive and well established office area with excellent 
transport links both by road and rail, including a mainline station situated 
adjacent to the property. 
 
The building is multi-let with existing rental income of EUR2.7 million (GBP2.4 
million) yielding 8.3%, and will provide a return on equity of 16.1%. The cash 
return on equity of 10.2% is based on a newly completed ten-year loan facility 
with Société Générale of EUR21.7 million (GBP19.6 million). 95% of the cash flow is 
secured for three years from large corporate tenants, and 43% is secured over 
six years. 
 
Executive Chairman of CLS, Sten Mortstedt, commented: 
 
"We are very pleased to have acquired such a high quality office building in 
Paris offering attractive returns in line with our investment criteria. It 
provides further evidence of CLS' ability to source and acquire attractive 
investments in France." 
 
For further information, please contact: 
 
Sten Mortstedt, Executive Chairman 
 
Henry Klotz, Chief Executive Officer 
 
CLS Holdings plc 
 
www.clsholdings.com 
 
Tel. +44 (0) 20 7582 7766 
 
 
 
END 
 

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