CLS Holdings PLC Acquisition (5859O)
03 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMCLI
RNS Number : 5859O
CLS Holdings PLC
03 October 2019
Release date: 3 October 2019
Embargoed until: 07:00 am
CLS Holdings plc ("CLS")
announces the acquisition of two London office buildings
CLS announces that it has unconditionally exchanged contracts to
acquire two office buildings in London; 6 Lloyds Avenue, City of
London, EC3 and the Clockwork Building, Hammersmith, W6 for
GBP66.65 million excluding costs. The two properties have a blended
annual passing rent of GBP4.2 million and a net initial yield for
CLS of 6.2%, which will deliver a meaningful addition to CLS'
rental income. Completion is expected within 4 weeks.
6 Lloyds Avenue comprises 34,640 sq. ft (3,218 sqm) of multi-let
office space in the east of the City of London near Fenchurch
Street station and within walking distance of Tower Hill and
Monument underground stations. The property is currently 82% let to
27 tenants with a WAULT of 2.2 years. The asset has opportunities
for CLS to utilise its active asset management approach to
refurbish the space, re-let and drive rental growth. It is also
close to our recent acquisition at 9 Prescot Street.
The Clockwork Building, W6 comprises 39,626 sq. ft (3,681 sqm)
of space which is 100% let to 6 tenants with a WAULT of 3.2 years.
The building is located to the west of Hammersmith Broadway and
less than a five-minute walk from Ravenscourt Park underground
station.
CLS intends to finance the acquisition through existing
resources and bank financing.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"The UK market, and particularly London, offers significant
opportunities for acquisitions by well-capitalised real estate
investors with these properties offering strong cashflow from a
diverse range of tenants. We continue to focus on our successful
strategy of acquiring properties on an opportunistic basis across
the UK, Germany and France, where we can actively manage the assets
to deliver income growth and value to investors."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
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
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons
Rob Yates
+44 (0)20 3047 2546
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END
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