CLS Holdings PLC Acquisition (5981J)
23 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMCLI
RNS Number : 5981J
CLS Holdings PLC
23 December 2020
Release date: 23 December 2020
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")
announces the EUR38.2 million acquisition of an office building
in Essen, Germany and the sale of three properties
CLS announces that it has unconditionally exchanged contracts to
acquire "The Brix" office building at Kruppstrasse 16, in Essen,
Germany for EUR38.2 million.
The property is a factory-style office building located in the
central business district of Essen. The offices are split across
five interconnected buildings ranging from three to five floors,
comprising a total of 21,750 sqm (234,115 sq. ft) of lettable
space. The building benefits from two internal courtyards as well
as 89 parking spaces on the estate and a further 300 nearby. The
Brix has excellent transport connections, sitting opposite the
Bismarckplatz underground station and an 8-minute walk from the
central station in the popular South Quarter next to the new
developments, "Literature Quarter" and the regeneration of the
former RWE headquarters.
The property, which is under rented at below EUR10 / sqm /
month, has a contracted rent of EUR1.72 million and the purchase
price represents a net initial yield of 4.2%. The building is 72%
let to three tenants, anchored by Siemens AG which occupies the
majority of the space. The unlet space provides an opportunity for
CLS to refurbish and relet the vacancy to capture market rents, and
once fully let the asset will have an estimated yield above 6%.
The acquisition will complete in early 2021.
CLS has also unconditionally exchanged on the sale of two
smaller properties in the UK, Quest House, Hounslow and Atholl
House, Aberdeen, for a combined total of GBP5.9 million which is
9.3% ahead of the 30 June 2020 valuation. In Germany, CLS has now
completed on the previously announced sale of Bismarckallee 18-20,
Freiburg for EUR22.5 million.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"The past year has been a challenging period but CLS has been
able to acquire successfully a range of assets which provide
opportunities from active asset management while bolstering the
income of the portfolio. In 2020, we acquired over GBP200 million
of properties while disposing of GBP70 million, taking advantage of
opportunities presented by the current market dislocation. The
acquisition of The Brix is another example of CLS' ability to
source and execute deals which are complementary to the portfolio
while allowing us to use our expertise to deliver further
value."
-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
Panmure Gordon
Hugh Rich
+44 (0)20 7886 2733
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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