CLS Holdings PLC Disposal (9809C)
October 23 2020 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 9809C
CLS Holdings PLC
23 October 2020
PRESS RELEASE
Release date: 23 October 2020
Embargoed until: 07:00
CLS Holdings plc ("CLS") announces
sale of Bismarckallee 18-20, Freiburg for EUR22.5 million
CLS announces that it has unconditionally exchanged contracts to
sell Bismarckallee 18-20 in Freiburg for EUR22.5 million excluding
costs, with completion expected in December 2020.
Bismarckalee 18-20 was acquired by CLS in 2013 and consists of
7,500 sqm (80,729 sq. ft) of office and retail space over nine
floors. The building is 85% let to Volksbank Freiburg with the
remainder let to TICS, a travel agency, and a computer shop on the
ground floor. Whilst the building no longer fits the criteria for
CLS' portfolio as it is not in one of the key target markets, it
offers a significant opportunity for the buyer.
The sale, at a price 12.3% above the 30 June 2020 valuation,
allows CLS to crystallise the returns on the asset while releasing
capital to continue to reinvest in the portfolio and acquisition
opportunities.
Commenting on the sale, Fredrik Widlund, Chief Executive Officer
of CLS, said:
"The sale of Bismarckallee 18-20 secures a significant return
for CLS while providing additional resources for further investment
in our key markets. We continue to see significant opportunities
for investment across the UK, Germany and France and remain
confident in the long-term attractiveness 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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