CLS Holdings PLC Disposal (9392T)
July 24 2020 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 9392T
CLS Holdings PLC
24 July 2020
PRESS RELEASE
Release date: 24 July 2020
Embargoed until: 07:00
CLS Holdings plc ("CLS") announces
sale of Albert-Einstein-Ring 17-21, Hamburg for EUR36.45
million
CLS announces that it has unconditionally exchanged contracts to
sell Albert-Einstein-Ring 17-21 in Hamburg for EUR36.45 million
excluding costs, with completion expected on 30 September 2020.
Albert-Einstein-Ring 17-21 was acquired by CLS in 2017 as part
of the Metropolis portfolio and consists of 13,419 sqm (144,441 sq.
ft) of offices located in the Bahrenfeld area of Hamburg. Although
the property offers long-term potential as the area and public
transport is improved over the coming decade, the property is
currently experiencing higher levels of vacancy and no longer meets
our portfolio criteria. The sale, at a price 38% above the 31
December 2019 valuation reflecting a net initial yield of 3.6%,
allows CLS to crystallise the future potential of the building and
area today so that we can redeploy funds into more immediate
opportunities.
Commenting on the sale, Fredrik Widlund, Chief Executive Officer
of CLS, said:
"Whilst Hamburg remains one of our key markets, this disposal
captures value for our investors today and releases capital that
can be recycled earlier into opportunities with a better income
profile. We continue to see exciting opportunities in our key
markets and strongly believe in the resilience and attraction of
well-located, affordable offices in non-prime locations."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Panmure Gordon
Hugh Rich
+44 (0)20 7886 2733
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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