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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.40 | -0.48% | 82.40 | 82.30 | 83.00 | 82.40 | 81.20 | 81.50 | 17,955 | 09:57:43 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 113M | -249.8M | -0.6286 | -1.31 | 327.47M |
TIDMCLI
RNS Number : 5782U
CLS Holdings PLC
01 April 2019
Release date: 1 April 2019 Embargoed until: 07:00 am
CLS Holdings plc
("CLS", the "Group", the "Company")
announces the acquisition of PURO, Adalperostrasse 82-86, Ismaning, Munich
CLS announces that it has exchanged contracts to acquire PURO, a multi-let office building in Munich, for EUR32.0 million excluding costs. The purchase price reflects a net initial yield of 5.1%; the reversionary yield is estimated to be 6.4%.
The property comprises 140,717 sq ft (13,073 sqm) of office space over three floors and is let to nine tenants, providing a WAULT of 4.9 years. The contracted annual rent of EUR1.73 million equates to an average of EUR11.00 per sqm per month, and with an ERV of EUR13.50 per sqm per month, presents significant opportunities for rental growth. In 2018, average rents in Munich were reported by Colliers to have increased by around 10% and, with vacancy rates in Munich below 2%, we expect rental growth to continue.
The Company expects to spend EUR3.0 million to improve the building, including converting lower ground storage into further offices.
Located within the established office area of Ismaning, between the city centre and the airport, the property benefits from excellent transport links and proximity to a variety of amenities for tenants. The building is leased to IT, telecommunications, manufacturing and healthcare companies.
CLS intends to finance the acquisition through cash resources and local bank debt.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"We are delighted to acquire PURO in Ismaning, an area of Munich in which we have been looking to invest for some time. We remain committed to building an increasingly geographically diverse portfolio and this acquisition will further strengthen our presence in Germany. PURO will allow us to use our local expertise and active management capabilities to drive rents over the long term.
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
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
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons
Rob Yates
+44 (0)20 3047 2546
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACQGMGFFRMLGLZM
(END) Dow Jones Newswires
April 01, 2019 02:00 ET (06:00 GMT)
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