CLI Cls Holdings Plc

    Embargoed: 0700hrs 22 June 2004

                           CLS HOLDINGS PLC ("CLS")                            

                   ACQUIRES FULHAM RIVERSIDE OFFICE BUILDING                   

                                  FOR �5.75M                                   

CLS is pleased to announce the acquisition of the freehold interest in Quayside
Lodge, William Morris Way, London SW6 for �5.75 million.

Built in 1989, Quayside Lodge provides 3,050 sq m (32,815 sq ft) of office
accommodation multi-let to tenants including London Logic Office Group plc and
LTF Finance. The price paid equates to �1,884 per sq m (�175 per sq ft). The
property will provide a yield in excess of 8.6% once fully let, with a return
on equity of 16.3% based on a funding facility at �4.4 million completed at
acquisition.

The building is adjacent to the new Imperial Wharf development in Chelsea
Harbour, close to the new Imperial Wharf railway station which is scheduled to
open by 2006.

S-T Camplin Bianco acted for CLS and Boston Gilmore acted for the vendor.
Hargreaves Newberry Gyngell has been retained by CLS as letting agents for the
vacant suites.

Executive Chairman, Sten Mortstedt, said,

"In such a competitive market we are pleased to have acquired the freehold
interest in Quayside Lodge. The building offers great scope to add value
through active management in the short to medium term, and in the long term an
exciting opportunity exists to redevelop or introduce new uses."

                                    -ends-                                     

For further information, please contact:

Sten Mortstedt, Executive Chairman

Tom Thomson, Chief Executive & Vice Chairman

Kevin Chapman, UK Property Director

CLS Holdings plc, Tel. +44 (0)20 7582 7766

www.clsholdings.com



END

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