Letting of 6,090 sqm at Bismarckallee 18/20

RNS Number : 9971K

CLS Holdings PLC

01 July 2014

 



Release date:                1 July 2014

Embargoed until:            07:00

CLS Holdings plc

("CLS", the "Company")

Letting of 6,090 sq m at Bismarckallee 18/20, Freiburg, Germany

CLS is pleased to announce the letting of 6,090 sq m at Bismarckallee 18/20, Freiburg, to local bank Volksbank Freiburg until 30 June 2019 at an annual rent of €971,020, or €162 per sq m.  Volksbank will lease the space due to be vacated in 2014 by KPMG and Commerzbank, including the banking hall, resulting in the building remaining fully let.

CLS and Volksbank will partly refurbish and modernise the property over the next 12 months.

Sten Mortstedt, Executive Chairman of CLS, commented:

"When we purchased Bismarckallee 18/20 less than a year ago we saw the remaining weighted average unexpired lease term of around two years as an opportunity to add value.  We are delighted now to provide an important local business with an immediate solution, within our overall medium-term strategy to redevelop the property in 2020."

-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

 

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