Disposal of Interest in Fielden House, London, SE1

RNS Number : 2373C

CLS Holdings PLC

12 April 2013

 

Release date:                12 April 2013

Embargoed until:            Immediate release

CLS Holdings plc

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

announces the disposal of its interest in Fielden House, Southwark, SE1

CLS Holdings plc announces that the Group has sold its one-third interest in a joint venture, Fielden House Investment Limited, which owns Fielden House, 28/42 London Bridge Street, SE1, next to the Shard.

Fielden House was purchased in November 2006 by the joint venture as a long-term investment offering the potential for future redevelopment with equity of £2.6 million and a bank loan of £6.375 million.  It was valued at 31 December 2012 by the Group's valuers, Lambert Smith Hampton, at £8.3 million, and the simultaneous sale of the entity by each of the three joint venture partners implies a value for the property without planning permission of £13.7 million, representing a 65% premium over the year end valuation. The Group's share of the proceeds represents an uplift of £1.8 million over the year end carrying value.

Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented:

"We are very pleased with the sale of our Fielden House interest to a strategic developer at a price substantially higher than the year end valuation."

-ends-

For further information, please contact:

CLS Holdings plc                                                         [phone]

www.clsholdings.com   

Sten Mortstedt, Executive Chairman

Henry Klotz, Executive Vice Chairman

Richard Tice, Chief Executive 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

 

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