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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cls Holdings Plc | LSE:CLI | London | Ordinary Share | GB00BF044593 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.60% | 83.00 | 82.80 | 83.00 | 83.50 | 82.80 | 83.00 | 351,440 | 16:16:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 113M | -249.8M | -0.6286 | -1.32 | 329.85M |
TIDMCLI
RNS Number : 0063A
CLS Holdings PLC
21 March 2017
Release date: 21 March 2017 Embargoed until: 7.00 am
CLS Holdings plc
("CLS", the "Group")
announces the acquisition of
Network Perlach property in Munich, Germany
CLS Holdings plc announces that it has exchanged contracts to acquire a multi-let office property in Perlach, in the south-east of Munich, Germany, for EUR15.3 million.
Network Perlach, Unterhachinger Strasse 75, Munich, comprises 9,449 sqm (101,708 sq ft) of office space which, with an occupancy rate of 88%, currently generates a rental income of EUR821,000 per annum, reflecting a net initial yield of 5.1%, or 6.2% when fully let.
The property has a diversified tenant base that provides a stable income, with an estimated rental value of some EUR1.2 million, reflecting an ERV yield of 7.4%.
Munich is experiencing a period of rising rents resulting from strong leasing activity which has driven the vacancy rate of offices in the city down to around 3%. The property is excellently located 350m from the S-Bahn station in Perlach, 18 minutes by rail from Munich Main Station.
Fredrik Widlund, Chief Executive of CLS, commented:
"The acquisition of Network Perlach is consistent with our strategy of investing in multi-let, high-quality offices and we look forward to enhancing the returns from the property to maximise its potential in the medium term."
-ends-
For further information, please contact:
CLS Holdings plc www.clsholdings.com Fredrik Widlund, Chief Executive Officer John Whiteley, Chief Financial Officer +44 (0)20 7582 7766 Liberum Capital Limited Richard Crawley Jamie Richards +44 (0)20 3100 2222 Panmure Gordon (UK) Limited Dominic Morley Andrew Potts +44 (0)20 7886 2500 Elm Square Advisers Limited Jonathan Gray +44 (0) 20 7823 3695 Smithfield Consultants (Financial PR) Alex Simmons +44 (0)20 7360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQMMGZFRGDGNZM
(END) Dow Jones Newswires
March 21, 2017 03:00 ET (07:00 GMT)
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