PRESS
RELEASE
Release
date:
17
June 2024
Embargoed until:
07:00
am
CLS
Holdings plc ("CLS" or the "Group")
CLS
announces the conversion of Debussy, Paris to Serviced
Apartments
CLS announces that
it has signed agreements with Edgar Suites and Nexity for the
conversion of its office property Debussy, Boulevard de la
Republique, La Garenne-Colombes, Paris into serviced
apartments.
CLS will invest in
the region of €12 million over a two-year period to convert the
existing office building into 57 serviced apartments which will be
operated by Edgar Suites, an innovative and successful aparthotels
operator, on a 12-year lease with a base rent and a turnover
element.
Nexity, a leading
French developer, has been appointed under a fixed price contract
for the construction works which will commence in early 2025
with expected completion at the end of 2026.
The conversion and
contract commencement are subject to necessary statutory
permissions and discussions with the City are well
progressed.
Built in
1993 with a glass and stone façade, the 5 storey, 45,187 sq. ft
(4,198 sqm) building benefits from underground parking and green
spaces to the rear of the building. As part of our long-term
sustainability strategy, it had been identified as a building with
limited office life, requiring significant investment to meet
modern standards. With the increased demand for housing
in major cities, the conversion facilitates the ability to recycle
the structure and reduce the impact of embodied carbon whilst
delivering substantial benefits for the local area.
Fredrik Widlund,
Chief Executive Officer of CLS, commented:
"We always look to optimise the use and
value of our properties and the conversion to serviced apartments
offers an opportunity to generate attractive returns by converting
an older office building in a growing and dynamic part of Paris. We
are delighted to have signed these agreements that will both
diversify our French portfolio and give us exposure to a growing
and exciting sector of the market. We believe there will be further
opportunities such as this where we can create value through
innovative development and reuse, maximizing the efficiency of
our portfolio for the years ahead."
-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
Jamie
Richards
+44 (0)20 3100
2128
Panmure Gordon
David
Watkins
+44 (0)20 7886
2720
Berenberg
Matthew Armitt
Richard Bootle
+44 (0) 203 207 7800
Edelman Smithfield (Financial
PR)
Alex
Simmons
Hastings
Tarrant
+44 (0)20 3047
2546
cls@edelmansmithfield.com
Registered in England No. 2714781. Registered Office as
above.
