CLS Holdings plc
("CLS", the "Company", the "Group")
announces the acquisition of a portfolio of five properties
CLS Holdings announces that it has acquired five properties in the UK from a private investor for £31.4 million, including costs, generating rents of £2.5 million per annum from 10 tenants and representing a net initial yield of 8%. The properties are freehold, have an aggregate office area of 107,000 sq ft (9,940 sqm) and a weighted average unexpired lease term of 4.4 years, and comprise:
· 45 London Road, Reigate RH2
· Harlequin House, 7 High Street Teddington TW11
· Heather Court, 6 Maidstone Road, Sidcup DA14
· St Cloud Gate, Maidenhead SL6
· Unit 2500, The Crescent, Birmingham Business Park B37
The portfolio offers a number of opportunities to work with existing and potential new tenants, as well as development potential.
The acquisition was financed from existing funds.
Fredrik Widlund, Chief Executive of CLS, commented:
"We are delighted to have acquired these properties, which play to the Group's strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the Group's cash flow. The transaction underlines our continued commitment to, and confidence in, the UK economy, particularly in the South East."
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For further information, please contact:
CLS Holdings plc
www.clsholdings.com
+44 (0)20 7582 7766
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital Limited
+44 (0)20 3100 2222
Richard Crawley
Panmure Gordon (UK) Limited
+44 (0)20 7886 2500
Dominic Morley
Andrew Potts
Elm Square Advisers Limited
+44 (0)20 7823 3695
Jonathan Gray
Smithfield Consultants (Financial PR)
+44 (0)20 7360 4900
Alex Simmons
This information is provided by RNS