CLS sells properties in Munich, Dusseldorf above book value
Source - SMW
Property investor CLS Holdings said it had agreed to sell the East Gate and Schanzenstrasse properties in Germany for a combined €57.2m.
The decision was driven by their low net initial yield and limited scope for CLS to add further value, the company said.
East Gate, located in Greater Munich, was being sold for €45.3m, or 16% above its 31 December 2018 valuation.
Schanzenstrasse, located in Dusseldorf, was being sold to a residential developer for €11.9m, or 76% above its 31 December 2018 valuation.
Completion of the sales was expected before the end of September 2019.
At 1:16pm: (LON:CLI) CLS Holdings PLC share price was +2.75p at 223.75p