REG - CLS Holdings PLC - CLS announces the sale of three properties

CLS HoldingsAnnouncement

27/06/2023 07:15

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RNS Number : 9606D  CLS Holdings PLC  27 June 2023

 

 

PRESS RELEASE

 

 

Release date:                27 June 2023

Embargoed until:           07:00 am

 

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

CLS announces the sale of three properties at 7.5% above valuation

 

CLS announces that it has unconditionally exchanged or completed on three
property disposals for a total of £49.0 million excluding costs at an average
of 7.5% above 31 December 2022 valuations.

 

CLS has unconditionally exchanged contracts to sell Westminster Tower, Albert
Embankment to Australian developer Third.i with expected completion in
September 2023. Having acquired the property in 1987, it is one of the older
properties in CLS' portfolio and benefits from planning permission for a
residential redevelopment of the existing building, including the construction
of three additional floors, with views overlooking the River Thames and
Westminster.

 

CLS has also recently completed on the sale of a smaller office property, St
Cloud Gate in Maidenhead, UK and a legacy land holding outside Helsingborg in
Sweden with planning permission for logistics.

 

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"We remain focused on having the highest quality, sustainable, offices in our
locations. As part of our continuous evaluation of our properties, including
the ability to add value through planning opportunities, these assets were no
longer suitable for the tenants we look to service, so I am delighted that we
have been able to generate such strong returns with all three properties
selling above 31 December 2022 valuations."

 
-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

 

Liberum Capital Limited

Richard Crawley

Jamie Richards

+44 (0)20 3100 2222

 

Panmure Gordon

Hugh Rich

+44 (0)20 7886 2733

 

Berenberg

Matthew Armitt

Richard Bootle

+44 (0)20 3207 7800

Edelman Smithfield (Financial PR)

Alex Simmons

Hastings Tarrant

+44 (0)20 3047 2546

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