CLS Holdings PLC Acquisition (2745L)
21 December 2018 - 9:30PM
UK Regulatory
TIDMCLI
RNS Number : 2745L
CLS Holdings PLC
21 December 2018
Release date: 21 December 2018
Embargoed until: Immediate Release
CLS Holdings plc
("CLS", the "Group")
announces acquisition of Les Reflets, Lille
CLS announces that it has unconditionally exchanged contracts to
acquire Les Reflets, 15 Rue Jean Walter, Lille, France, for a
consideration of EUR11.4 million plus costs. Completion is expected
in the first quarter of 2019.
Les Reflets is a four-year-old multi-let office building located
in the south of Lille, comprising 4,158 sqm (44,756 sq ft) of
office space fully let to five tenants with a WAULT of 3.5 years.
The property has an annual net rent of EUR769,000, reflecting a net
initial yield of 6.6%.
Lille is the third largest office market in France after Paris
and Lyon, with 4.4m sqm (47.4m sq ft) of office space of which only
4% is currently vacant. The city is experiencing widespread
regeneration and has fast transport links to Paris and London.
Fredrik Widlund, Chief Executive of CLS, commented:
"We are delighted to announce the acquisition of Les Reflets, a
high quality, high-yielding office property with scope for strong
returns, and which will be a valuable addition to our French
portfolio.
"CLS has been active in the Lille property market for over 20
years and we believe the market fundamentals to be robust, with a
shortage of office supply, extensive regeneration in the city, and
an improving macro outlook in France."
-ends-
For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital +44 (0)20 3100 2222
Richard Crawley
Jamie Richards
Whitman Howard +44 (0)20 7659 1261
Hugh Rich
Robin White
Elm Square Advisers +44 (0)20 7823 3695
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 3047 2476
Alex Simmons
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END
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