CLS Holdings PLC Acquisition (1828B)
October 05 2015 - 2:01AM
UK Regulatory
TIDMCLI
RNS Number : 1828B
CLS Holdings PLC
05 October 2015
Release date: 5 October 2015
Embargoed until: 7am
CLS Holdings plc
("CLS", the "Company", the "Group")
CLS Holdings plc announces acquisition of
GBP10.2 million office building in Sutton, South London
CLS Holdings plc announces that it has exchanged contracts to
acquire Chancery House, St Nicholas Way, Sutton, SM1 for GBP10.2
million, representing a net initial yield of 7.0%.
The property comprises a 5,132 sq m (55,242 sq ft),
self-contained, eight storey office building offering modern,
flexible accommodation, the majority of which has been recently
refurbished, and secure basement car parking. It is multi-let to 14
tenants with an average lease length of 5.5 years and has a vacancy
level of 16%. CLS has identified asset management opportunities to
improve the attractiveness of the building for its occupiers, and
to attract further tenants to reduce the vacancy level.
Owing to its strategic location, outstanding transport links and
diverse retail provision, Sutton is now an established office
location within Greater London and is enjoying a regeneration of
its town centre through substantial redevelopment.
Sten Mortstedt, Executive Chairman of CLS, commented:
"Chancery House is an attractive addition that will fit well
into our London portfolio. We believe this property is well
positioned to benefit from the expected increase in office demand
in Sutton, driven by our asset management initiatives and an
undersupply of good quality offices in the area."
-ends-
For further information, please contact:
CLS Holdings plc
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Fredrik Widlund, Chief Executive
Officer
John Whiteley, Chief Financial
Officer +44 (0)20 7582 7766
Liberum Capital Limited
Tom Fyson +44 (0)20 3100 2222
Panmure Gordon (UK) Limited
Mark Taylor
Russell Cook +44 (0)20 7886 2500
Kinmont Limited
Jonathan Gray +44 (0)20 7087 9100
Smithfield Consultants (Financial
PR)
Alex Simmons +44 (0)20 7360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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