PRESS
RELEASE
Release
date:
19 December 2024
Embargoed
until:
07:00 am
CLS Holdings plc ("CLS" or
the "Group")
CLS leases 9,600 sqm for 20
years to the City of Dortmund, Germany
CLS is pleased to announce a 20-year
lease agreement with the City of Dortmund for 9,634 sqm (103,700
sq. ft) of office space at 'THE YELLOW', Hiltropwall 4-12 in
Dortmund.
This lease, one of the largest in
the Ruhr area in 2024, will establish the new headquarters for the
City of Dortmund's Office of Public Order, consolidating four
departments currently spread across multiple locations. Occupancy
is scheduled in two phases, with spaces being handed over in Summer
2025 and early 2026.
The Weighted Average Unexpired Lease
Term (WAULT) for the property will increase from 2.5 years to
9 years. The property will also become fully let, by filling
existing and upcoming vacancy, such that total rental income will
increase from €3.9 million to €4.8 million in 2026. The changing
lease profile is expected to drive an increase in the year-end
property valuation.
The YELLOW property, acquired by CLS
in 2021, has undergone significant strategic repositioning to
optimise its appeal to long-term tenants. A planned investment
programme is underway to ensure CLS continues to provide modern
offices, and includes providing advanced cooling and ventilation
systems, and enhanced amenities for staff well-being. The building
has a BREEAM rating of "Good," with initiatives underway to enhance
it further.
Located in the prime CBD area of
Dortmund, THE YELLOW is very well connected to the city's transport
infrastructure, making it an ideal choice for the City of
Dortmund's operations.
Fredrik Widlund, Chief Executive Officer of CLS,
commented:
"We are delighted to announce this significant lease agreement
with the City of Dortmund. It reflects CLS' strategic commitment to
providing high-quality, sustainable office spaces that meet the
needs of our tenants while enhancing the value of our portfolio. We
look forward to supporting the City of Dortmund in creating a
consolidated, efficient, and modern headquarters for its Office of
Public Order."
-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
Panmure Liberum
Jamie Richards
David Watkins
+44 (0)20 3100 2000
Berenberg
Matthew Armitt
Richard Bootle
+44 (0)20 3207 7800
Edelman Smithfield (Financial PR)
Alex Simmons +44 7970 174
353
Hastings Tarrant +44 7813 407
665
cls@edelmansmithfield.com
