CLS Holdings PLC on Tuesday said it has unconditionally exchanged or completed on three property disposals, spread across the UK and Sweden.
The London-based commercial property investor completed the disposals for a total of £49.0 million, excluding costs, at an average of 7.5% above their December 31 valuations.
Most notably, the firm has unconditionally exchanged contracts to sell Westminster Tower, Albert Embankment in London to the Australian developer Third.i Group. The transaction is expected to complete in September 2023.
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.
Additionally, CLS has also recently completed on the sale of a smaller office property, St Cloud Gate in Maidenhead, England and a legacy land holding outside Helsingborg in Sweden with planning permission for logistics.
‘We remain focused on having the highest quality, sustainable, offices in our locations. As part of our continuous evaluation of our properties, including the ability to add value through planning opportunities, these assets were no longer suitable for the tenants we look to service, so I am delighted that we have been able to generate such strong returns with all three properties selling above December 31, 2022 valuations,’ said Chief Executive Officer Fredrik Widlund.
CLS shares were trading 0.8% higher at 127.40 pence each in London on Tuesday morning.
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