CLS Holdings PLC Disposal (8670I)
December 14 2015 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 8670I
CLS Holdings PLC
14 December 2015
14 December 2015
CLS Holdings plc ("CLS")
announces the sale of
Miles Street Car Park, London SW8
CLS Holdings plc announces that it has completed the sale of a
250 year leasehold interest in a car park on Miles Street,
Vauxhall, SW8 for GBP24.8 million to Urbanest, the specialist
central London student accommodation developer and operator.
The car park site has planning consent for a 454 room, 30 storey
student building as part of CLS's 147,000 sqm (1.58 million sq ft)
Vauxhall Square development scheme. Urbanest expects to begin the
development of the student building early in 2016, which will
implement the planning consent for the whole of the Vauxhall Square
scheme.
The sale proceeds were GBP3.2 million higher than the car park's
book value at 31 December 2014.
Sten Mortstedt, Executive Chairman of CLS Holdings plc,
commented:
"We are delighted to have concluded this transaction with such a
well-respected student operator, and look forward to our vision for
Vauxhall Square beginning to become a reality. Urbanest will bring
excitement to the area and further enhance a vibrant community
feeling in Vauxhall."
-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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