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
  -1.50 -0.54% 278.50 278.00 279.00 279.00 276.50 276.50 20,272 15:13:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 133.0 144.9 30.5 9.1 1,135

CLS Holdings PLC Acquisition

08/01/2020 7:00am

UK Regulatory (RNS & others)


TIDMCLI

RNS Number : 0598Z

CLS Holdings PLC

08 January 2020

   Release date:                8 January 2020 
   Embargoed until:           07:00 am 

CLS Holdings plc ("CLS")

announces the acquisition of 'TWENTY' Kingston Road, Staines-upon-Thames

and the completion of the sale of Quayside Lodge in Fulham, London

CLS announces that it has unconditionally exchanged contracts to acquire 'TWENTY' Kingston Road in Staines for GBP19.0 million excluding costs. Completion is planned for 3 February 2020.

TWENTY comprises 44,230 sq. ft (4,109 sqm) of grade A, multi-let office space in Staines. The building has excellent transport links and is a short walk away from Staines train station which has quick connections to London and Reading. Heathrow Airport is a short drive away.

The asset is currently let to four tenants with a WAULT of 5.4 years to breaks and has a vacancy of 23%. It has an attractive net initial yield of 5.3%, increasing to 7.0% once fully let. TWENTY underwent an extensive refurbishment in 2014 and achieved a BREEAM Excellent accreditation and EPC 'B' rating.

CLS also announces that it has completed the sale of Quayside Lodge in Fulham, London for GBP19.0 million to a private developer. As previously announced, CLS achieved planning permission in 2018 for a new 10-storey residential development.

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"We continue to see a range of acquisition opportunities in the UK that are highly suited to our portfolio. TWENTY Kingston Road offers strong reversionary potential with a yield of 7% once fully let and the acquisition is in line with our opportunistic approach. We will also continue to recycle capital, when opportunities like Quayside arise, into new investments in the UK, Germany and France."

-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

ACQKZGGMNNGGGZM

(END) Dow Jones Newswires

January 08, 2020 02:00 ET (07:00 GMT)

1 Year Cls Chart

1 Year Cls Chart

1 Month Cls Chart

1 Month Cls Chart
Your Recent History
LSE
CLI
Cls
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200218 15:42:35