CLS Holdings PLC Disposal (1141E)
16 October 2018 - 5:00PM
UK Regulatory
TIDMCLI
RNS Number : 1141E
CLS Holdings PLC
16 October 2018
Release date: 16 October 2018
Embargoed until: Immediate release
CLS Holdings plc
("CLS", the "Group")
announces disposal of Buspace Studios, London W10
CLS announces that it has completed the sale of Buspace Studios,
10 Conlan Street, London W10 for a consideration of GBP13.5
million.
The property comprised 32,537 sq ft (3,023 sqm) of office space
and realised a profit of 4.2% above its valuation at 30 June 2018
of GBP12.95 million, which was unchanged from 31 December 2017. It
has been acquired by Warrior Property Group on a net initial yield
of 4.5%, with the potential to apply for a change of use.
The decision to sell the property was driven by its small lot
size, low yield and limited scope for CLS to further add value.
Fredrik Widlund, Chief Executive of CLS, commented:
"Buspace Studios has served as an incubator for businesses with
small space needs, allowing them to grow into potential tenants for
other CLS properties within London. We look forward to investing
the proceeds of the sale into higher yielding properties which have
the scope for us to maximise value through active asset
management."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
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
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons
Sam Moodie
+44 (0)20 3047 2476
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END
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