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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.90 | -1.03% | 86.10 | 86.00 | 86.30 | 87.00 | 85.70 | 87.00 | 340,004 | 16:35:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 139.7M | -81.9M | -0.2061 | -4.17 | 341.77M |
TIDMCLI
RNS Number : 4898H
CLS Holdings PLC
13 March 2018
Release date: 13 March 2018 Embargoed until: 7.00 am
CLS Holdings plc ("CLS") announces the acquisition of
Harman House in Uxbridge, United Kingdom
CLS announces that it has unconditionally exchanged contracts to acquire Harman House, 1 George Street, Uxbridge, for GBP51 million including costs.
The property comprises 129,060 sq. ft. (11,990 sqm) of office space arranged over nine floors which, with an occupancy rate of 98%, and currently generates an annual rental income of GBP3.52 million, producing a net initial yield for CLS of 6.9%. The property has a reversionary rent profile with an estimated yield of 7.8% based on market rents.
Harman House was extensively refurbished in 2014 and has a diversified tenant base, providing a stable income from 10 tenants and a weighted average unexpired lease term of 7.9 years (or 5.8 years to first break).
The property is well-located in the town centre and adjacent to the Underground station which offers fast links into central London. Uxbridge is a well-established office location and home to a broad range of national and international occupiers.
The transaction will be financed from existing CLS cash resources.
Fredrik Widlund, Chief Executive of CLS, commented:
"In line with our strategy, the acquisition of Harman House adds to our portfolio a high-yielding, multi-let office property adjacent to good transport links, and which offers a stable and diversified income stream from strong covenants. We believe there is significant scope for us to add value by capturing existing rental potential, and increasing it further through asset management initiatives."
-ends-
For further information, please contact:
CLS Holdings plc www.clsholdings.com Fredrik Widlund, Chief Executive Officer John Whiteley, Chief Financial +44 (0)20 7582 Officer 7766 Liberum Capital Limited Richard Crawley +44 (0)20 3100 Jamie Richards 2222 Whitman Howard Limited +44 (0)20 7659 Hugh Rich 1234 Elm Square Advisers Limited +44 (0) 20 7823 Jonathan Gray 3695 Smithfield Consultants (Financial PR) Alex Simmons +44 (0)20 3047 Sam Moodie 2476
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQKMGMFZZVGRZZ
(END) Dow Jones Newswires
March 13, 2018 03:01 ET (07:01 GMT)
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