Disposal

RNS Number : 2551A

CLS Holdings PLC

23 March 2017

 

CLS Holdings plc

("CLS", the "Group")

announces the disposal of the

E.ON Allee office campus in Landshut, Germany

CLS Holdings plc announces that it has exchanged contracts to sell the E.ON Allee office campus in Landshut, 80km north east of Munich, for €30.2 million to European Commercial Real Estate Limited (TSXN:ERE). The sale represents an uplift of €1.5 million, or 5.2%, over the external valuation at 31 December 2016.

The campus comprises four office properties, providing a total of 16,053 sqm (172,797 sq ft) of floor space and 225 parking spaces. The campus was acquired in September 2006 and developed by CLS in stages to July 2012, and is let to E.ON, on leases expiring between 2020 and 2030.

Fredrik Widlund, Chief Executive of CLS, commented:

"I am very pleased that we have reached an agreement for the sale of E.ON Allee. The campus has made a strong contribution to the cash flow and asset value of the Group and serves as a good example of our focus on active asset management in order to maximise value. Its sale is consistent with our strategy of disposing of peripheral and single-let assets and recycling capital into more core investment locations."

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For further information, please contact:

CLS Holdings plc                                                                             www.clsholdings.com Fredrik Widlund, Chief Executive Officer John Whiteley, Chief Financial Officer	[phone]
Liberum Capital Limited Richard Crawley Jamie Richards	[phone]
Panmure Gordon (UK) Limited Dominic Morley Andrew Potts	[phone]
Elm Square Advisers Limited                                                          Jonathan Gray	[phone]
Smithfield Consultants (Financial PR)                                             Alex Simmons	[phone]

 

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