Acquisition

RNS Number : 6951P

CLS Holdings PLC

14 October 2019

 

                                                                                                            PRESS RELEASE

Release date:                14 October 2019

Embargoed until:            Immediate release

CLS Holdings plc ("CLS")

announces the acquisition of Pacific House, Reading

CLS announces that it has completed the acquisition of Pacific House in Reading, a 57,086 sq. ft (5,303 sqm) multi-let office building, for £14.9 million excluding costs. The acquisition has a net initial yield of 7.3%.

The building, which is located to the south of Reading, is 92% let to 7 tenants with a WAULT of 4 years. The property is well-positioned near the M4 motorway and the planned Green Park train station. Reading is an established and growing office market which provides tenants with good value space. Pacific House is currently leased at an average of £21 per sq. ft.

CLS intends to conduct a number of upgrades to the building while focusing on leasing the remaining space in the building over the next few years.

Commenting on the acquisition, Fredrik Widlund, Chief Executive Officer of CLS, said:

"Reading is an exciting location for offices as companies continue to look for more affordable alternatives to London. It is already home to a number of blue-chip occupiers and we look forward to working with the tenants to upgrade the space in due course.

"CLS continues to focus on acquiring assets at attractive yields in the UK market with strong cashflow and diverse income streams."

-ends-

 For further information, please contact:

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

Andrew Kirkman, Chief Financial Officer

[phone]

Liberum Capital Limited

Richard Crawley

Jamie Richards

[phone]

Whitman Howard

Hugh Rich

[phone]

Elm Square Advisers Limited

Jonathan Gray

[phone]

Smithfield Consultants (Financial PR)
Alex Simmons

Rob Yates

[phone]

 

END

 

 

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