CLS Holdings PLC Acquisition (8200Y)
September 14 2020 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 8200Y
CLS Holdings PLC
14 September 2020
Release date: 14 September 2020
Embargoed until: 07:00 am
CLS Holdings plc ("CLS")
announces the acquisition of three properties in Greater London
and the South East
CLS announces that it has unconditionally exchanged contracts to
acquire three office properties in Greater London and the South
East, for GBP59.71 million excluding costs from Aviva
Investors.
The portfolio consists of One Church Road, Richmond; Priory
Place, Chelmsford; and Kings Court, Leatherhead. One Church Road is
located adjacent to Richmond Station, providing fast access to
several commuter hubs including Clapham Junction and London
Waterloo, and benefits from car parking and bike storage spaces.
The 46,995 sq. ft (4,366 sqm) office building is multi-let to four
tenants.
Priory Place is a 41,036 sq. ft (3,812 sqm) building located in
the centre of Chelmsford, the principal commercial town in Essex.
The asset is in close proximity to Chelmsford Station, enabling a
30-minute train journey to Liverpool Street Station, and benefits
from 80 car parking spaces. Priory Place is currently multi-let to
five tenants with a significant proportion of the building let to
HM Courts & Tribunals Service.
Kings Court is located in central Leatherhead, an eight-minute
walk from the station, with a direct train line to London Waterloo
and London Victoria stations and comprises 30,759 sq. ft (2,858
sqm) of office space. The three-storey building is let to two
tenants and has 166 car parking spaces along with bike storage.
The portfolio is 94% let with a WAULT of 3.8 years to breaks and
delivers GBP3.7 million net rent per annum, reflecting a net
initial yield of 5.9%. There are significant opportunities to add
further value through additional refurbishments, sustainability
enhancements and other active asset management initiatives which
will continue to drive further rental growth. CLS intends to
finance the acquisition through existing cash resources with
completion expected 28 September.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"This transaction further builds our presence in London and the
South East, delivering attractive yields as well as opportunities
to actively manage the buildings to create additional value. We
have remained disciplined in our approach to acquisitions and the
strength of these assets, combined with our long-term conviction in
the UK market, makes this an exciting addition to our
portfolio."
-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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