Acquisition of Property in France
17 Marzo 2005 - 8:00AM
PR Newswire (US)
Acquisition of Property in France Embargoed: 0700hrs 17 March 2005
CLS HOLDINGS PLC ("CLS") ACQUISITION IN FRANCE The Board of CLS is
pleased to announce that its wholly owned subsidiary Citadel
Holdings plc has acquired 23 rue Raspail, Ivry-sur-Seine. This
freehold property is located in Ivry-sur-Seine, a suburb to the
south of Paris adjoining the left bank. The property was
constructed in 1993 and comprises 5,547 sq m of office space and
125 car parking spaces. The property is fully let to three
different tenants. The net rental income from the property is
�1,014,248 (�696,831) which equates to �182.85 per sq m (�11.81 per
sq ft) inclusive of car parking. The total purchase price for the
property was �11,605,000 (�8,065,475) inclusive of all costs,
representing an initial yield of 8.7%. Based on the completed loan
facility of �9,500,000 (�6,602,500) with an interest rate of 3.4%
per annum on a floating rate basis, the return on equity is 40.7%
whilst the cash return on equity is 23.4%. L'Etoile Properties
advised CLS in respect of this acquisition. Executive Chairman,
Sten Mortstedt, commented: "I am very pleased with this further
acquisition of a high quality office building in the Ile de France
area. The financial returns represented by this investment are very
attractive. We are continuing to seek further acquisitions in
France." -ends- For further information, please contact: Sten
Mortstedt, Executive Chairman Tom Thomson, Chief Executive &
Vice Chairman Dan B�verstam, Chief Financial Officer CLS Holdings
plc Tel. +44 (0)20 7582 7766 www.clsholdings.com Ben Simons Hansard
Communications Tel. +44 (0)20 7245 1100 END DATASOURCE: CLS
HOLDINGS PLC
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