CLS Holdings PLC Disposal (2551A)
March 23 2017 - 3:00AM
UK Regulatory
TIDMCLI
RNS Number : 2551A
CLS Holdings PLC
23 March 2017
CLS Holdings plc
("CLS", the "Group")
announces the disposal of the
E.ON Allee office campus in Landshut, Germany
CLS Holdings plc announces that it has exchanged contracts to
sell the E.ON Allee office campus in Landshut, 80km north east of
Munich, for EUR30.2 million to European Commercial Real Estate
Limited (TSXN:ERE). The sale represents an uplift of EUR1.5
million, or 5.2%, over the external valuation at 31 December
2016.
The campus comprises four office properties, providing a total
of 16,053 sqm (172,797 sq ft) of floor space and 225 parking
spaces. The campus was acquired in September 2006 and developed by
CLS in stages to July 2012, and is let to E.ON, on leases expiring
between 2020 and 2030.
Fredrik Widlund, Chief Executive of CLS, commented:
"I am very pleased that we have reached an agreement for the
sale of E.ON Allee. The campus has made a strong contribution to
the cash flow and asset value of the Group and serves as a good
example of our focus on active asset management in order to
maximise value. Its sale is consistent with our strategy of
disposing of peripheral and single-let assets and recycling capital
into more core investment locations."
-ends-
For further information, please contact:
CLS Holdings plc
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
Panmure Gordon (UK) Limited
Dominic Morley
Andrew Potts +44 (0)20 7886 2500
Elm Square Advisers Limited
Jonathan Gray +44 (0) 20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons +44 (0)20 7360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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