CLS Holdings PLC Acquisition (9902V)

TIDMCLI

RNS Number : 9902V

CLS Holdings PLC

09 November 2017

CLS Holdings plc ("CLS") announces the acquisition of

Columbia Bracknell

CLS announces that it has acquired Columbia Bracknell, a multi-let office property in Bracknell, Berkshire for GBP14.7 million excluding costs.

The property comprises 54,291 sq ft (5,043 sqm) of office space which, with an occupancy rate of 79%, currently generates an annual rental income of GBP0.88 million, and a net initial yield of 5.6%. Once fully let, it is expected to produce GBP1.17 million per annum, reflecting a net initial yield of 7.5%.

Columbia Bracknell has been extensively refurbished throughout and now has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 3.1 years. It is well-located between the main train station and the town centre, which has recently undergone a GBP240 million regeneration. The transaction will be financed from existing CLS cash resources.

Fredrik Widlund, Chief Executive of CLS, commented:

"The acquisition of Columbia Bracknell is consistent with our strategy of investing in multi-let, high-quality offices in and around major cities across our three core markets: the UK, Germany, and France. This acquisition complements our existing portfolio and offers several opportunities for us to add value through active management and to significantly increase the occupancy rate."

-ends-

For further information, please contact:

 
 CLS Holdings plc 
  www.clsholdings.com 
  Fredrik Widlund, Chief Executive Officer    +44 (0)20 
  John Whiteley, Chief Financial Officer       7582 7766 
 Liberum Capital Limited 
  Richard Crawley                             +44 (0)20 
  Jamie Richards                               3100 2222 
 Panmure Gordon (UK) Limited 
  Dominic Morley                              +44 (0)20 
  Andrew Potts                                 7886 2500 
 Elm Square Advisers Limited                  +44 (0) 20 
  Jonathan Gray                                7823 3695 
 Smithfield Consultants (Financial PR)        +44 (0)20 
  Alex Simmons                                 3047 2476 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 09, 2017 02:01 ET (07:01 GMT)