Source - RNS
RNS Number : 1279J
CLS Holdings PLC
07 September 2016
 

 

 

 

 

CLS Holdings plc

("CLS", the "Company", the "Group")

announces the completion of an acquisition in Düsseldorf

 

Further to our announcement on 11 July 2016, CLS confirms it has duly completed on the acquisition of Parsevalstrasse 11, Düsseldorf for €43.6 million including costs. The property generates net rental income of €3.1 million, reflecting a net initial yield of 7.1%, and has been financed with a local bank at an all-in cost fixed for seven years at 0.92%. The building benefits from a high occupancy rate and presents significant scope for future rental uplifts and other asset management opportunities.

 

Fredrik Widlund, Chief Executive of CLS, commented:

 

"We are delighted to have acquired this investment, which adds significantly to the Group's cash flow and provides strong asset management opportunities in the short to medium-term. The transaction underlines our ongoing confidence in the German property market and, as a long-term investor, we believe our broader European portfolio, with its diversified tenant base, will continue to provide a strong and stable income stream."

 

-ends-

 

For further information, please contact:

 

CLS Holdings plc                                                                            

www.clsholdings.com

Henry Klotz, Executive Chairman

Fredrik Widlund, Chief Executive Officer

John Whiteley, Chief Financial Officer

Sten Mortstedt, Executive Director

 

+44 (0)20 7582 7766

Liberum Capital Limited

Richard Crawley

Jamie Richards

 

+44 (0)20 3100 2222

Panmure Gordon (UK) Limited

Dominic Morley

Andrew Potts

 

+44 (0)20 7886 2500

 

Elm Square Advisers Limited                                                        

Jonathan Gray

 

+44 (0)20 7823 3695

Smithfield Consultants (Financial PR)                                            

Alex Simmons

+44 (0)20 7360 4900

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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