Acquisition

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 €11.4 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 €769,000, 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."

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For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Fredrik Widlund, Chief Executive Officer

John Whiteley, Chief Financial Officer

Liberum Capital                                                           [phone]

Richard Crawley

Jamie Richards

Whitman Howard                                                         [phone]

Hugh Rich

Robin White

Elm Square Advisers                                                  [phone]

Jonathan Gray

Smithfield Consultants (Financial PR)                      [phone]

Alex Simmons

 

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