Disposal of Cambridge House, London W6

RNS Number : 8767E

CLS Holdings PLC

15 April 2014

 

Release date:                15 April 2014

Embargoed until:            Immediate

CLS Holdings plc

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

announces the disposal of Cambridge House, Hammersmith, London W6

CLS Holdings plc announces that the Group has sold Cambridge House, 100 Cambridge Grove, London W6 for £29.5 million, excluding costs, an uplift of 65 % over the half year 2013 external valuation and 32% over the year end external valuation.  The sale price represents a net initial yield of 2.34% for the property which, considered a development site, is 50% vacant.

Sten Mortstedt, Executive Chairman of CLS, commented:

"We are very pleased with the sale of Cambridge House, yet another transaction completed at a price substantially higher than recent external valuations. This is evidence of the continuing strength of the London market from which the Company is well placed to benefit."

-ends-

For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman and Acting CEO

John Whiteley, Chief Financial Officer

Liberum Capital Limited                                             [phone]

Tom Fyson

Charles Stanley Securities                                          [phone]

Mark Taylor                                                                  

Kinmont Limited                                                          [phone]

Jonathan Gray

Smithfield Consultants (Financial PR)                         [phone]

Alex Simmons

 

END

 

 

DISLLFLLSTIELIS