CLI Cls Holdings Plc

RNS No 3712p
CLS HOLDINGS PLC
2nd March 1999


CLS COMPLETES LETTING OF CITADEL HOUSE, EC4

The board of CLS Holdings plc ("CLS") is pleased to announce that it has let
the remaining space at Citadel House, 5-11 Fetter Lane, London EC4 to
Whitbread plc.

Whitbread has taken the ground, basement and sub basement of the premises
which comprises 1,175 square metres (12,651 square feet) to use as a bar and
health club for a term of 25 years at a rising rent which averages #195,000
per annum over the first five years. 

Since we have a policy of writing off interest as incurred through the profit
and loss account on our refurbishment projects, this letting will result in a
significant improvement in profits.

In April 1997 we announced that we had taken a sub lease from NIG Skandia on
this property at a rent of #353,000 per annum for a term expiring in 2003. The
letting to Whitbread completes the reletting of this refurbished property in
which the office element was let last year to Elan Computing Ltd.  CLS
receives a net rent of #971,000 per annum from NIG Skandia until 29 September
2003. The additional rent of #1.23 million from the letting to Whitbread and
Elan will commence in late 1999 and will contribute fully to group profits in
the year 2000.

Executive Chairman Sten Mortstedt said:

"Our refurbishment and lettings are now complete, making Citadel House an
extremely high quality investment."

For further information, please contact:
Glyn Hirsch, Chief Executive, CLS Holdings plc              0171-582 7766
Chris Skyrme / Ben Steele, Basham & Coyle                   0171-253 3300


END

MSCCCDCBODKDONK

Cls (LSE:CLI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Cls (LSE:CLI)
Historical Stock Chart
From Jul 2023 to Jul 2024