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
  -4.00 -1.36% 291.00 287.00 290.00 298.00 286.50 288.50 89,981 16:35:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 133.0 144.9 30.5 9.5 1,186

CLS Holdings PLC Acquisition

03/10/2019 7:00am

UK Regulatory (RNS & others)


TIDMCLI

RNS Number : 5859O

CLS Holdings PLC

03 October 2019

   Release date:                3 October 2019 
   Embargoed until:           07:00 am 

CLS Holdings plc ("CLS")

announces the acquisition of two London office buildings

CLS announces that it has unconditionally exchanged contracts to acquire two office buildings in London; 6 Lloyds Avenue, City of London, EC3 and the Clockwork Building, Hammersmith, W6 for GBP66.65 million excluding costs. The two properties have a blended annual passing rent of GBP4.2 million and a net initial yield for CLS of 6.2%, which will deliver a meaningful addition to CLS' rental income. Completion is expected within 4 weeks.

6 Lloyds Avenue comprises 34,640 sq. ft (3,218 sqm) of multi-let office space in the east of the City of London near Fenchurch Street station and within walking distance of Tower Hill and Monument underground stations. The property is currently 82% let to 27 tenants with a WAULT of 2.2 years. The asset has opportunities for CLS to utilise its active asset management approach to refurbish the space, re-let and drive rental growth. It is also close to our recent acquisition at 9 Prescot Street.

The Clockwork Building, W6 comprises 39,626 sq. ft (3,681 sqm) of space which is 100% let to 6 tenants with a WAULT of 3.2 years. The building is located to the west of Hammersmith Broadway and less than a five-minute walk from Ravenscourt Park underground station.

CLS intends to finance the acquisition through existing resources and bank financing.

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"The UK market, and particularly London, offers significant opportunities for acquisitions by well-capitalised real estate investors with these properties offering strong cashflow from a diverse range of tenants. We continue to focus on our successful strategy of acquiring properties on an opportunistic basis across the UK, Germany and France, where we can actively manage the assets to deliver income growth and value to investors."

-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

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