CLS Holdings PLC Acquisition (1863T)

TIDMCLI

RNS Number : 1863T

CLS Holdings PLC

13 November 2019

   Release date:                13 November 2019 
   Embargoed until:           07:00 am 

CLS Holdings plc ("CLS")

announces the acquisition of 'One Six Six' College Road, Harrow

CLS announces that it has unconditionally exchanged contracts to acquire One Six Six on College Road in Harrow for GBP13.8 million excluding costs. Completion is expected in January 2020.

One Six Six compromises 34,655 sq. ft (3,220 sqm) of modern office space in Harrow. The property is currently multi-let to eight tenants with a WAULT of 4.8 years to breaks (7.9 years to expiries). One Six Six has a net initial yield of 7.1% and strong cash flow generated from its diverse tenant base. The building was completely renovated in 2016 and boasts attractive features for occupiers such as shower facilities on each floor, a landscaped amenity area and car parking in the basement with 77 parking spaces.

Harrow is an established commercial centre situated approximately 10 miles north-west of Central London and One Six Six is a five-minute walk from Harrow-on-the-Hill train station. Harrow benefits from excellent transport links providing regular services to London Marylebone in 18 minutes, and the underground station providing access to Baker Street in 20 minutes.

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"This property is a great fit for our UK portfolio as we already own a number of assets in the west London area, including nearby Hygeia on College Road where our in-house asset management initiatives have proven to be very successful. We believe that Harrow has significant opportunity for growth within Greater London from which we are well positioned to benefit. We continue to look for acquisition opportunities across our key markets that meet our investment criteria."

-ends-

For further information, please contact:

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

Andrew Kirkman, Chief Financial Officer

[phone]

Liberum Capital Limited

Richard Crawley

Jamie Richards

[phone]

Whitman Howard

Hugh Rich

[phone]

Elm Square Advisers Limited

Jonathan Gray

[phone]

Smithfield Consultants (Financial PR)

Alex Simmons

Rob Yates

[phone]

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November 13, 2019 02:00 ET (07:00 GMT)