REG - CLS Holdings PLC - CLS Announces the Sale of Westminster Tower

CLS HoldingsAnnouncement

15/04/2024 07:00

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RNS Number : 5270K  CLS Holdings PLC  15 April 2024

 

PRESS RELEASE

 

 

Release date:               15 April 2024

Embargoed until:           07:00 am

 

 

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

CLS announces the sale of Westminster Tower

 

CLS announces that it has conditionally exchanged on the sale of Westminster
Tower, Albert Embankment, for £40.8 million, in-line with its 31 December
2023 valuation. Completion is expected in Q2 2024.

 

The asset was sold to the London Square Group, which intends to convert the
property from an office space into residential. The property 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.

 

JLL advised CLS on the transaction.

 

Fredrik Widlund, Chief Executive Officer of CLS, commented:

 

"We remain focused on having the highest quality, sustainable, modern offices
in our locations. Westminster Tower was no longer suitable for the modern
office tenants we look to service, but is a prime opportunity for residential
conversion, and I wish London Square all the success with the conversion. The
disposal is in line with our strategy to reduce leverage and we will continue
to pursue potential disposals in the months ahead."

-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) 203 207 7800

Edelman Smithfield (Financial PR)

Alex Simmons

Hastings Tarrant

+44 (0)20 3047 2546

 

 

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