CLS Holdings PLC Acquires EU24.4m building near Munich, Germany (3024M)
May 06 2015 - 2:02AM
UK Regulatory
TIDMCLI
RNS Number : 3024M
CLS Holdings PLC
06 May 2015
CLS Holdings plc
("CLS", the "Company", the "Group")
CLS Holdings plc announces acquisition of
EUR24.4 million office building near Munich, Germany
CLS Holdings plc announces that it has unconditionally exchanged
contracts to acquire a fully-let office building near Munich,
Germany for EUR24.4 million. The scheme is let to eleven tenants
and it generates a rental income of EUR2.0 million, equating to a
net initial yield of 7.9%.
Germany is one of CLS Holdings's core markets and it accounts
for approximately 17% of the Group's total portfolio. CLS
Holdings's investment strategy has long been characterised by a
willingness to be opportunistic and this acquisition sees the
Company drawing on its strong local market knowledge to secure a
site in an established business district near Munich.
The scheme is located in the municipality of Unterfoehring -
approximately 8 km northeast of Munich's city centre - and provides
14,630 sqm of high-quality offices and 252 car parking spaces. It
is currently 100% let with notable tenants including Sky
Deutschland, Kabel Deutschland, and the Bavarian Academy of
Television. Completion is due in mid-June.
Sten Mortstedt, Executive Chairman of CLS Holdings plc,
commented:
"I am delighted that we have secured this building in
Unterfoehring, Munich, which provides an excellent long-term income
stream from blue-chip tenants. We continue to see potential in
Germany and this acquisition will further enhance our offering in
that market."
-ends-
For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Charles Stanley Securities +44 (0)20 7149 6000
Mark Taylor
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons
This information is provided by RNS
The company news service from the London Stock Exchange
END
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