CLS Holdings PLC Sale of Ateliers Victoires (7185D)
June 28 2019 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 7185D
CLS Holdings PLC
28 June 2019
Release date: 28 June 2019
Embargoed until: Immediate release
CLS Holdings plc ("CLS") announces
sale of Ateliers Victoires, Paris for EUR42 million
CLS announces that it has unconditionally exchanged contracts to
sell Ateliers Victoires in Paris for EUR42 million. Completion of
the sale is expected before the end of September 2019.
Ateliers Victoires, with 2,000 sqm (21,500 sq ft) of modern
office space over eight floors at 48 Rue Croix des Petits Champs,
75001 Paris, France, was recently redeveloped by CLS's in-house
development team to provide high quality office space with a double
height entrance hall and the upper floor offering exceptional
panoramic views across Paris.
The building was fully let to Epoka, a leading consultancy in
corporate communications, HR and marketing.
The sale price was 21.4% above the 31 December 2018 valuation
and reflected a net initial yield of 3%.
Commenting on the sale, Fredrik Widlund, Chief Executive Officer
of CLS, said:
"This disposal is a demonstration of our capital discipline and
asset management expertise. While we are long-term investors in
Paris, we are opportunistic in our approach to realising value. The
proceeds will give us additional resources to reinvest in
properties across our key markets."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons
Rob Yates
+44 (0)20 3047 2546
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END
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