Acquisitions

RNS Number : 8411T

CLS Holdings PLC

11 January 2017

 

CLS Holdings plc

("CLS", the "Company", the "Group")

announces the acquisition of a portfolio of five properties

CLS Holdings announces that it has acquired five properties in the UK from a private investor for £31.4 million, including costs, generating rents of £2.5 million per annum from 10 tenants and representing a net initial yield of 8%. The properties are freehold, have an aggregate office area of 107,000 sq ft (9,940 sqm) and a weighted average unexpired lease term of 4.4 years, and comprise:

·      45 London Road, Reigate RH2

·      Harlequin House, 7 High Street Teddington TW11

·      Heather Court, 6 Maidstone Road, Sidcup DA14

·      St Cloud Gate, Maidenhead SL6

·      Unit 2500, The Crescent, Birmingham Business Park B37

The portfolio offers a number of opportunities to work with existing and potential new tenants, as well as development potential.

The acquisition was financed from existing funds.

Fredrik Widlund, Chief Executive of CLS, commented:

"We are delighted to have acquired these properties, which play to the Group's strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the Group's cash flow. The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the South East."

-ends-

For further information, please contact:

CLS Holdings plc     
www.clsholdings.com   
[phone]
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer

Liberum Capital Limited
[phone]
Richard Crawley

Panmure Gordon (UK) Limited
[phone]
Dominic Morley
Andrew Potts

Elm Square Advisers Limited   
[phone]
Jonathan Gray

Smithfield Consultants (Financial PR) 
[phone]
Alex Simmons

 

END

 

 

ACQGGUBPGUPMGMU