TIDMCLI 
 
RNS Number : 4779Q 
CLS Holdings PLC 
04 August 2010 
 

Release date:              4 August 2010 
Embargoed until:         07:00 
 
                   CLS HOLDINGS PLC RETURNS TO LONDON MARKET 
                AND ACQUIRES APEX TOWER, HIGH STREET, NEW MALDEN 
                        FOR GBP21.46 MILLION INCL. COSTS 
 
CLS Holdings plc ("CLS") announces today that its wholly owned subsidiary, 
Durnvale Limited, has exchanged contracts to buy Apex Tower, High Street, New 
Malden for GBP21.46 million including costs.  Apex Tower is located on the 
opposite side of the High Street to CI Tower, which is also owned by a CLS 
subsidiary. 
 
Apex Tower consists of 15 upper floors of offices (9,185 sq m / 98,869 sq ft), 
four retail units and a public house at ground floor level (1,265 sq m / 13,618 
sq ft) and a four storey car park at the rear.  It is fully let save for one 
retail unit (74 sq m / 798 sq ft) which is under offer and in solicitors' hands. 
 
The building produces GBP1.86 million income p.a., of which 94% is from BAE 
Systems which has a lease on the whole of the offices expiring in June 2020. 
The retail tenants include Tesco Stores and William Hill Organisation.  The net 
initial yield to CLS is 8.66%. 
 
Sten Mortstedt, Executive Chairman of CLS, commented: 
 
"We are delighted with this acquisition which provides an excellent long-term 
income stream from blue-chip tenants together with a number of short and 
medium-term asset management opportunities.  It continues our focus on owning 
cost effective offices, which generate reliable cash flow. 
 
Apex Tower marks CLS's first acquisition in the London market since 2006.  We 
believe that there are now selective opportunities for well financed purchasers 
with strong balance sheets.  The rush to buy commercial property by 
institutional investors at the start of the year has subsided, leaving a more 
sensible and settled market closer reflecting its fundamentals." 
 
The vendor, The Palmer Active Value Fund II, concluded a lease re-gear with BAE 
following acquisition in 2006 and also secured a letting to Tesco in 2008. 
Savills represented CLS and Knight Frank and BNP Paribas advised the vendor. 
 
                                     -ends- 
 
For further information, please contact: 
 
CLS Holdings plc                       Sten Mortstedt, Executive Chairman 
        +44 (0)20 7582 7766 
                                                Henry Klotz, Chief Executive 
Officer 
Richard Tice, Deputy Chief Executive Officer 
 
Kinmont Limited                        Jonathan Gray +44 (0)20 7087 9100 
 
Smithfield Consultants                Alex Simmons 
                +44 (0)20 7360 4900 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ACQGMGGRVFNGGZM
Cls (LSE:CLI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Cls Charts.
Cls (LSE:CLI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Cls Charts.