REG - CLS Holdings PLC - Citadel Place: Conditional sale & Planning update

CLS HoldingsAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251222:nRSV3811Ma&default-theme=true

RNS Number : 3811M  CLS Holdings PLC  22 December 2025

CLS Holdings plc

 

 
                               16 Tinworth Street, London

SE11 5AL, UK

  Tel : +44 (0)20 7582 7766

E : enquiries@clsholdings.com

www.clsholdings.com

 

 

 

CLS Holdings plc ("CLS", the "Company" or the "Group")

Citadel Place: Conditional sale and Planning update

 

 

CLS is pleased to announce that it has exchanged contracts on the conditional
sale of Citadel Place (Spring Gardens) in Vauxhall, London, to London Square,
a leading London-based property developer. CLS and London Square will work
together to progress planning of a residential-led redevelopment of the site,
with a planning application expected to be submitted in Q1 2026.

 

London Square brings extensive experience in design-led residential schemes
and has a strong track record of delivering high-quality urban regeneration
projects across the capital with a significant portfolio in Lambeth. CLS and
London Square have previously worked together on Westminster Tower and are now
extending their collaboration to realise the vision for Citadel Place.

 

The agreement includes a conditional sale, subject to certain criteria being
achieved in relation to planning with CLS retaining the income from the
current lease until expiry. The Company's best estimate is that the current
valuation of the site will be achieved should the transaction proceed to
completion, including the remaining income from the current lease, with
potential for further upside through an overage structure. The valuation by
CLS external valuers as at 31 December 2025 is estimated to be circa £70
million. The transaction is expected to release equity in stages over the next
two years for CLS, following the repayment of existing debt.

 

CLS and London Square continue to engage with the London Borough of Lambeth
and local stakeholders as the planning process progresses and further details
will be provided in due course.

 

Fredrik Widlund, Chief Executive Officer of CLS Holdings plc, said:

"We are pleased to be progressing Citadel Place in partnership with London
Square, a highly regarded residential developer with whom we have worked
successfully before. This agreement enables us to advance a residential-led
scheme that can deliver lasting benefits to Vauxhall and its community, while
retaining the income from the current lease and crystallising value for
shareholders over time."

 

-ENDS-

 

For further information, please contact:

 

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com (http://www.clsholdings.com/)

Fredrik Widlund, Chief Executive Officer

Andrew Kirkman, Chief Financial Officer

+44 (0)20 7582 7766

 

Panmure Liberum

Jamie Richards

David Watkins

+44 (0)20 3100 2000

 

Berenberg

Carl Gough

Harry Nicholas

+44 (0)20 3207 7800

 

Edelman Smithfield (Financial PR)

Alex Simmons +44 7970 174 353

Hastings Tarrant +44 7813 407 665

cls@edelmansmithfield.com (mailto:cls@edelmansmithfield.com)

 

 

Registered in England No. 2714781. Registered Office as above.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISXFLLLELLFFBE



            Copyright 2019 Regulatory News Service, all rights reserved