Thanks for the reminder... |
XD today, paid 2/10 |
Great that they have extended and expanded the lease - but what price? |
 Release date: 4 September 2024
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")
CLS leases over 8,900 sqm in Hamburg, Germany
CLS announces it has let 8,939 sqm (96,219 sq. ft) at Fangdieckstrasse 75 in Hamburg to the Hamburg Institut für Pathologie und Hämatopathologie (HPH).
The HPH Institute, which specialises in the diagnosis of haematological diseases, has extended its existing lease of 5,628 sqm (60,579 sq. ft) of office and laboratory space until 2035 and has leased an additional 3,311 sqm (35,639 sq. ft) of office and production space in the property. The HPH Institute will move into the additional space from September 2024, following the current occupier's lease surrender, meaning the property will remain fully let.
Fangdieckstrasse 75 was acquired by CLS in 2007 and has since been fully refurbished and successfully repositioned as a science and healthcare hub. The multi-tenant property has 13,092 sqm (140,921 Sq. ft) and offers a mix of office, light industrial, and laboratory space.
Located close to the 'Science City Hamburg Bahrenfeld' area of Hamburg, occupied by science and technology start-ups, the property is well connected to major transport links.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"We are thrilled that HPH has not only extended their existing lease for over 10 years but has also chosen to lease additional space in Fangdieckstrasse 75. Hamburg-Bahrenfeld is an up-and-coming commercial area and CLS has successfully repositioned the property as an attractive location for science and technology organisations, and demand from occupiers in this sector remains high."
-ENDS- |
barnes4 - in your 209 above are you referring to the IC sale rec some 2-3months ago? |
For the first time in 2yrs the 50day SMA looking to cross north of the 200day SMA. A bullish signal when it happens…
free stock charts from uk.advfn.com
free stock charts from uk.advfn.com
free stock charts from uk.advfn.com |
Volume of just 96k so far today; half of which a sale down at 94.8p.
Still, good to see this holding steady in the blue. Will it hold for a change!
Agree with barnes. If IC say sell, then that has to be a good BUY signal. |
IC say sell
Just do the opposite |
At least we're being paid to wait. |
Also a rather extended Reverse Head & Shoulders. |
Thick wedge developing |
We are having to be extraordinarily patient - but the breakout will come - eventually.
93.5p - ludicrously cheap on a 58.9% discount and 8.5% yield. They go XD the 2.6p interim divi on 5th Sept.
free stock charts from uk.advfn.com |
Seems as though they found some! |
Almost mid price to sell, fwiw. Market looking for stock for the moment. |
In at 93p with a chunk - unusually had to pay top end of the spread. I'm moving from Growth to income.
I like that this is family owned even though I understand there are some challenges. Interest rates seem flat or declining (although not by much and slowly), and am more confident in economic recovery with a more Europe friendly (although not by much and slowly) administration. I am happy to be paid to wait while sentiment filters into the SP |
No harm in a little optomism I guess... |
Would expect the sale of the student property to be at least £120M. The recent results show that the present value of the student building is £96.7M (see note 9,Investment Properties, Transfer to properties held for sale). The recent H1 report talks of strong performance from our student operations so they aren't looking to give it away. |
£100m would be nice. You can look at it on the companies house website (31/12/22). Investment property £88.525M and revenue £5.976M. Will probably be +10% from that already. Might be quite a lot of costs or running it but should get 5-6% yield for it? |
Selling the student accommodation should bring in about £100m?
This is very low yielding so should be positive re dividend cover. |
Had posted this on the other CLS thread earlier
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.
Now had a further look at the report
- other income has been flattered by retention of part of the deposit from the abortive sale of Westminster first time round
-H1 disposals are at impressive 3.3% yield so big hit on NRI yet
-Breaks/Expires are c22% of portfolio over next 12mths so could imperil NRI further
-LTV>50% but 20m of cash from Westminster still to come
-400m of debt (41%) needs refi in 25 75% is sterling. Been relying upon short term refis on several loans that a disposal targets but comes at a cost of 5.7%
This aint no RGL but NAV declines have yet to stabilise in any country. Also I would say based on the divi policy there is a risk the final could end up below last years although they give themselves plenty of wriggle room with target cover in range 1.2-1.6 of EPRA. That said current share price more than covers these risks but suspect upside is limited until valuations stabilise and vacancy rate starts declining. |
9% isn't a great yield for a weak subsector tho - if there's eg SHED at 6.3%/-25% in a still booming sector, or pushing 8% elsewhere, why CLI?
I'd like to see disposals, ideally near revised NAV, ideally not just of the better let stuff. |
Thank you strathroyal |
NTV - Latest balance sheet from Companies House (31/12/22) investment property £88.525M and revenue £5.976M |
Using the other thread now... |
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