CLS Holdings PLC Disposal (8670I)

TIDMCLI

RNS Number : 8670I

CLS Holdings PLC

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

DISLLFIRFELLLIE

(END) Dow Jones Newswires

December 14, 2015 02:00 ET (07:00 GMT)

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