Great yield and still a massive NAV discount. So I'll stay in for sure.
Everything slowly improving; so at some stage the share price likely to reflect that fact. |
Yes, it's been a value trap, but with the board seeing a clearer bottoming out of valuations and interest rates declining, I personally feel there is a reason to see the nav discount narrow. That means share price appreciation. On a prospective yield of 9% and shareprice growth in the months a years ahead, it seems an excellent long term hold. I do appreciate there must be a lot of frustrated investors sitting on sizable losses here, but that economics for you! |
The sop of a letting but otherwise agreed.
Only a small holding left here and only the discount/yield keeping me in, but been a clear value trap so far. They're in no danger of doing an RGL and going effectively bust (as far as shareholders are concerned), but seems a long road back, in a declining sector. |
Looks like a period of slow progress. Assets continue to depreciate (compare to the increase at BBOX), loan to value is too high and vacancy rate hasn’t dropped enough. But still a decent yield and huge discount to NAV so I’ll hold on for a bit longer. |
The relentless climb of interest charges is squeezing free cash here now but the fact that their dividend wasn't the most generous pre covid means they've kept in covered until now. My forward forecast is its at 97% now and even with disposals lowering the debt can't see it rebalancing by FY as they have a big debt load to refi in 2025 and even with lower interest rates overall finance charge will rise further. Vacancy rate remains high and like any office operators now the probability of any reversion on it is pretty low and repurposing or sales is the only way forward. |
How much is the student accommodation worth on the books? |
Half year that is |
Results due tomorrow |
More sales than buys, yet we make progress to 93p. CLI share price movements always rather bizarre! |
Fund 😂😂😂 |
oh well makes them more attractive for a top up |
Now 47000 dumped at 87p in Auction. Weird can't really explain the weakness. Almost deliberate. |
Mental, who sells 64000 in the closing auction at 90p. There seems to be some demented people out there. |
Good rebound from mid 80s back in early June. |
I've been adding to my position (last week) at 89p and at other times recently when cash allowed.Bizarre share, due to its illiquidity, I guess.No idea what has caused today's rise. |
A move for the better - now North of 93p... |
...not forgetting the 8.55% Yield! |
‘Buy’ discounted CLS, says Liberum
Property developer CLS Holdings (CLI) is offering ‘deep value’ especially given its latest project in London’s Vauxhall, says Liberum.
Analyst Bjorn Zietsman retained his ‘buy’ recommendation and target price of 163p on the developer, which retreated 1.1% to 92.4p yesterday.
The group has announced plans to develop Citadel Place in Vauxhall and Zietsman said ‘while it is too early to include any forecasts in our numbers, we expect based on the contents of the announcement, the potential gross development value to amount to several hundred million and anticipate a potential profit on cost of at least 15%’.
CLS plans to turn the low-rise office buildings at Citadel Place into ‘a harmonised mixed-used opportunity’.
‘CLS offers deep value with the highest forecast total return to shareholders, currently trading at a 63% discount to our estimates of spot net tangible assets, which is the widest discount of the stocks within our range,’ said Zietsman. |
 RNS this morning. Seems to be an issue with advfn news feed
Release date: 24 June 2024
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")
CLS announces development plans for Citadel Place in Vauxhall
CLS is pleased to announce the plans for its Citadel Place (aka Spring Gardens) site in Vauxhall, London. The property is one of the largest in the CLS portfolio and represents an exciting opportunity to further regenerate the area and create a vibrant community hub while also providing long-term shareholder returns.
The existing site, currently characterised by low-rise office buildings built in the 1990s, is poised for a remarkable transformation. With the expected vacancy in 2026 of the four buildings, CLS aims to bring a well-considered and harmonised mixed-use development to the area.
CLS has partnered with the renowned architectural firm Allies and Morrison to design Citadel Place. Their vision combines modern aesthetics with a commitment to sustainability, ensuring that the development blends with, and enhances, its surroundings.
Mixed-Use Development:
Residential Homes: The plans include building 180-200 new homes.
Student Accommodation: Citadel Place will provide purpose-built student accommodation (PBSA) with around 450 bedrooms, catering to the growing student demand in the area.
Shared Amenity Spaces: Residents and visitors will enjoy communal spaces designed for relaxation, recreation, and social interaction.
Active Ground Floor Uses: Retail units and other ground-floor spaces will contribute to the vibrancy of the development.
New Open Space: Citadel Place will feature landscaped areas, including play spaces, enhancing the quality of life for residents.
Connected Pedestrian Routes: Creating pedestrian-friendly pathways through the site will complete the connection between Vauxhall Pleasure Gardens and Pedlar's Park, encouraging movement and interaction between these areas.
Fredrik Widlund, CEO of CLS Holdings, said: "Citadel Place represents our commitment to sustainable urban development. We envisage a place where people can live and thrive; supporting the community within Vauxhall. CLS has operated and invested in the Vauxhall area for over 35 years and continues to work closely with the London Borough of Lambeth, residents and the local business community and we are excited to now start on the next phase of development."
The first public consultation session will be held on 18 July 2024 between 4 - 7pm. This will be an in-person session close to the site at one of CLS' recent developments in Vauxhall, The Coade, 97 Vauxhall Walk, London, SE11 5EL.
In collaboration with the London Borough of Lambeth, we are committed to an inclusive public consultation process. Local residents, businesses, and stakeholders will have the opportunity to provide feedback on the proposed plans. Subject to the consultation with the community and discussions with members and officers at Lambeth Council, CLS hopes to submit a planning application for Citadel Place early next year.
To find out more about the proposals, or if you would like to provide us with your feedback on the proposals, please email contact@citadelplace.co.uk
|
Despite the poor share price, we shouldn't forget there is a lot going on in the background. The student property at Spring Mews has received a decent amount of interest, a planning appeal has been put in regarding the Artesian, Prescot Street and the annual report has properties for sale in Germany valued at £115M. |
The commercially of the Paris conversion is unclear and it won't start for a while. I assume they wouldn't do it unless it made sense. |
Needs must on occasion - just good that they are alert to opportunities |
I see CLS issued an RNS saying they were going to convert one of their office blocks in Paris to residential serviced apartments. Do we think there will mbe more of their block that will have to be converted for other use or this is unique due to age of building. cost of upgrading its office credentials? |
Some serious UTs at the close; and in all 1.42m traded at 93.4p
Maybe we will finally see a recovery to more sensible levels; though not holding my breath.
Even if we open up Monday at the 93.4p level that would still provide a 63% discount and an 8.5% yield. |
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