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CLI Cls Holdings Plc

0.90 (1.04%)
Last Updated: 15:59:07
Delayed by 15 minutes
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
  0.90 1.04% 87.40 87.40 87.70 87.80 85.50 85.50 184,505 15:59:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 148.7M -249.8M -0.6286 -1.40 348.53M
Cls Holdings Plc is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker CLI. The last closing price for Cls was 86.50p. Over the last year, Cls shares have traded in a share price range of 80.00p to 148.20p.

Cls currently has 397,410,268 shares in issue. The market capitalisation of Cls is £348.53 million. Cls has a price to earnings ratio (PE ratio) of -1.40.

Cls Share Discussion Threads

Showing 901 to 925 of 1075 messages
Chat Pages: 43  42  41  40  39  38  37  36  35  34  33  32  Older
I really don't believe that - companies increasingly need a good central location to attract the best staff back to the office. I think they'd pay up rather then get something cheaper in the suburbs - would be very hard to attract the best staff out in the sticks.
If demand for property in central London surges beyond what can be supplied, then rents will rise there. Customers who cannot afford such rents will consequently look elsewhere — in outer London or even outside London.
I think the demand is in the City and West End. CLI mainly outer London isn't it, which I suspect is becoming a lot less attractive.
Would be nice to see some of the below rub off on CLI:

London office requirements hit 10-year high

Strong demand ”should continue to support London’s recovery”, says Knight Frank.
By Jamie Bennett-Ness Mon 5 February 2024

London office requirements have hit their highest level in 10 years, with businesses hunting for close to 12m sq ft of office space, according to a report from Knight Frank.

According to the property consultancy, office requirements in the capital have risen 34% compared to last year, and 40 of these requirements involve firms seeking more than 50,000 sq ft. Around 80% of firms with requirements are looking to upsize or match their current office footprint, the firm added. Knight Frank said the figures promised strong growth in leasing volumes and prime rents over the coming years. London office take-up is forecast to increase 12% year-on-year due to high active requirements, lease expiries and competition to secure new or newly refurbished space. Philip Hobley, head of London offices at Knight Frank, said:

“London’s occupational market remains robust as the bifurcation in demand and transition to office-first work policies continue to crystalise. “While vacancy rates have increased in older, secondary buildings, prime rents in best-in-class offices have continued to rise. “The future pipeline cannot satisfy demand, even at current levels, which is something we haven’t witnessed in previous similar recovery cycles through macroeconomic turbulence. “These structural trends should continue to support London’s recovery, particularly in the investment market, with stabilising interest rates making prime office yields more debt accretive.”

The report analysed transactions over 20,000 sq ft since 2021 and overall shows a net increase of 1.1m sq ft in the amount occupiers have leased compared to their previous occupancy. Knight Frank’s data also reveals that prime office rents in the capital are still rising, with a constrained future supply pipeline and vacancies tight for best-in-class buildings.

There have been 25 leasing deals at prices exceeding £90/sq ft in the City of London over the past two years, compared to just six in the preceding four years.

The West End recorded 142 deals over £100/ sq ft in the last year alone, more than the 112 in the four years prior. Total office take-up for 2023 stood at 10.7m sq ft against a long-term average of 12m sq ft, even with a late surge in deals in which 3.9m sq ft was leased. Knight Frank forecasts office take up will hit 12m sq ft this year, 12% higher than last year, driven by higher levels of active requirements, lease breaks and further occupier flight to newer, better-quality offices.

The development pipeline falls well short of meeting average levels of new and refurbished take-up, the firm added, with consented schemes that have a 50% to 75% probability of being completed only adding a further 2.7m sq ft. Knight Frank predicted that the pipeline of office space due for completion by 2026 would be 5.3m sq ft below average take-up levels for new and refurbished space during that period.

Hmmm..continued weakness
Unlikely to find it there as CLS Holdings (CLI) is not a REIT. It is a property holding company with assets UK (46%); Germany (42%) & France (12%).

Strangely, last year they registered the UK Division as a REIT; hence the dividend increase. You'll see the reasoning back in past RNSs circa 1yr ago.

I cannot find CLI listed on either the AIC website or Trustnet. Can anyone help me with this pls?
Sp steadying up again. I'm hoping we will see another attack at the 100p resistance.
riverman - this comment is from the last annual report:

The full-year dividend is in-line with our revised policy of having the dividend
covered by EPRA earnings 1.2x-1.6x and in-line with the guidance given in May
2022 that 2022’s dividend would be in the middle of the range.

I'm thinking more generally, they've historically always liked to keep cover around 1.5x or higher, as they are much more active on the development side than traditional REITs. I haven't followed the company closely recently, but not sure they would want cover to run much lower than this.

Agree, if rates fall back they should be fine, although suspect they would find it difficult if rates remain high.

riverman - no, as per the Annual Report / Presentation, they've come to the end of their large capex expenditure programme, reducing from £50m last year to £30m this.

Most of the short-term debt already refinanced.

Generally accepted, especially in Europe, that the higher rates are a passing phenomenon. So, IMO debt not an issue; especially as the dividend already very well covered and 55% of rents inflation-linked.

I think the fairly high level of the debt and its short maturity must be a big factor behind the discount. My understanding is that a large part of the debt will need refinancing this year at much higher rates, which could impact dividend cover. I know CLI like to maintain a high cover as they are quite active on capex front - this could surely put dividend at risk?
I tend to agree with Skyship, poor sentiment towards offices is the issue, not the debt.

Reducing debt costs would of course be welcome.

Debt relates to individual properties and non-recourse. Debt not a problem here. The absurdly low share price purely relates to adverse sentiment v. offices; without any sensible differentiation between class of office.

Usually this would result in an opportunistic bid to right the wrong.

I see the CEO and CFO have been buying shares but that through some shar eplan where they get one free for every one they buy. I would buy it also if i was getting it at effictively 50p a share. Does this have significance for the rest of us. I have made a starter positon in CLS but i am concerend its all office and they seem to have quite a bit of debt :(
raj k
Skyship - A large number of the properties have their own individual companies, if you go on Companies House and type in Spring Mews (Student) Limited and Spring Mews (Hotel) Limited, under the Filing History section are the accounts for 2022 which show the property values and that these two companies are profitable.
WOW! Talk about luxury accommodation for today's students - see link below.

Strath - where did you see that £89m figure? Unable to find a list of properties with valuations...


Our student and hotel operations continued to perform extremely well throughout the year, achieving record results. The student accommodation was fully let for the 2022/23 academic year and the hotel occupancy was at an average of 87% for 2022 (70% in 2021) with much higher average daily rates. The hotel has just undergone a limited refurbishment programme to ensure it continues to provide best in class accommodation for both short and extended stay customers.

Somewhat surprised that they haven't sold off the student accommodation and hotel in Spring Mews as these don't appear to be core assets. I know that they had (and may still have) a lettings contract with one of the local universities although if this is still ongoing then it must be in its final year. The student building is in the balance sheet at £89M and would go a long way to bringing debt back to a more suitable level.
Let's hope so
my retirement fund
I doubled down yesterday at 95.4p.

Surely this level of discount can't hold - I can feel it straining to break out north - but there still seems to be a persistent large seller/s.

I like SKYSHIP's optimism at creating a new thread - I'm sure the break-out will follow soon...

I've created a new CLI thread; one with an up-to-date Header, which will be further updated with events:
CLS Holdings (CLI) – Massive NAV Discount coupled with a very high Yield

CLI is a commercial property investment company with a £2.21bn portfolio split between the UK (46%); Germany (42%) and France (12%). It specialises in prime offices in prime locations. It has c718 tenants, including blue-chip organisations and government departments.

Exc. Shares held in Treasury, there are 397.4m shares in issue. As at 23rd Jan’24 CLI had a MCap of c£378m.

The family of the founder together hold 60% of the equity, with one family member, Bengt Mortstedt, serving as a Non-Exec director.

The quality of their properties can be viewed on their website; and of special interest is this presentation of a newly completed refurbishment in the City, in London:

06/03/24 – Prelims to 31st Dec’23

09/08/23 – Interims to 30th Jun’23

15/11/23 – Q3 Trading Update

Co. website:

I'm hopeful you'll see that Q1'24. Would love to see that easily surpassed in a rush as a PE bid arrives. The discount is totally absurd.

Sure they are an office specialist; but the offices are prime and in prime locations. The portfolio will contain duffers for sure; but the valuation more than allows for that.

But quite remarkable is the fact that we're getting an 8.3% yield whilst we wait upon events...

Just taken a good slug at 95p, I now need to see £1.20 to break even!
my retirement fund
Yes a bit concerned about the potential lack of dividend cover once the loans are refinanced. CLI do quite a lot of capex on their buildings so suspect they'll want to maintain a roughly 1.5x cover. On top of that you've got vacancy rates gradually creeping up, so overall can't say I'm that confident they'll maintain current payout.
Chat Pages: 43  42  41  40  39  38  37  36  35  34  33  32  Older

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