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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.30 | -0.36% | 82.30 | 82.20 | 83.00 | 83.00 | 82.30 | 83.00 | 6,115 | 08:12:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 113M | -249.8M | -0.6286 | -1.31 | 328.26M |
TIDMCLI
RNS Number : 8588E
CLS Holdings PLC
09 July 2019
PRESS RELEASE
Release date: 9 July 2019 Embargoed until: Immediate release
CLS Holdings plc ("CLS")
acquires CONNECT, Von-der-Wettern-Strasse 27, Cologne, Germany
CLS announces that it has exchanged contracts to acquire CONNECT, a 140,491 sq. ft / 13,052 sqm multi-let office property in Cologne, for EUR30.5 million excluding costs. The purchase price reflects a net initial yield of 5.1%; the reversionary yield is estimated to be over 6%. The property is fully let and has a WAULT of 2.2 years.
CONNECT is one of the most prominent properties in the Airport Business Park in Cologne, a well-connected and growing destination in the south of Cologne between the city-centre and Cologne-Bonn Airport. The property is located adjacent to the S-Bahn station Köln Frankfurter Strasse.
The building is a well maintained and modern office building, with a strong tenant mix and a popular restaurant on the ground floor. The property consists of an 11-storey tower and five-storey lower main building, and is easily sub-dividable, making it both flexible and easy to re-let.
Cologne has a vacancy rate of circa 2.5% with limited supply of new offices and a growing population making it an attractive destination for investments.
CLS intends to finance the acquisition initially through existing cash resources with completion expected in 4-6 weeks.
Commenting on the acquisition, Fredrik Widlund, Chief Executive Officer of CLS, said:
"This acquisition gives us an opportunity to utilise our in-house German asset and property management team to deliver value to our investors over the long-term. Cologne has been an area of interest for CLS for several years, and this transaction allows us to enter the market at an exciting time."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, 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
ACQDMGGNVRVGLZM
(END) Dow Jones Newswires
July 09, 2019 04:29 ET (08:29 GMT)
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