Disposals

RNS Number : 7793A

CLS Holdings PLC

03 January 2018

 

CLS Holdings plc

announces disposals in Peterborough and Hamburg

CLS Holdings plc ("CLS", the "Group") announces that it has unconditionally exchanged contracts to sell three properties in Peterborough, UK and Hamburg, Germany for a total consideration of £12.4 million.

Clifton House and 126-128 Park Road in Peterborough were sold to a private investor for £6.2 million. The properties, which comprised 57,522 sq ft (5,344 sqm) of office space, were valued at £6.0 million at 30 June 2017.

Merkurring 33-35 in Hamburg was sold to sold to a German real estate fund for €7.0 million. The property, which comprised 60,321 sq ft (5,604 sqm) of industrial and office space, was valued at €6.7 million at 30 June 2017.

The decision to sell these properties was driven by their small individual lot sizes and non-core locations.

Fredrik Widlund, Chief Executive of CLS, commented:

"I am very pleased that we have begun the year with the sale of these three, smaller properties. Consistent with our strategy, the disposal of these non-core assets will allow us to re-invest in properties where there is more scope for us to add value through active asset management."

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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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