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(Alliance News) - CLS Holdings PLC on Thursday said it has sold Sentinel House in Coulsdon, south London, for GBP7.0 million.
The London-based commercial property investor bought Sentinel House in 2012. The asset consists of 3,211 square metres of office space over three floors with ancillary car parking.
Throughout its ownership, the office space has been let to IHS Global Ltd on an full repairing and insuring basis, which will expire at the end of 2022.
CLS Holdings explained that the sales price is 4.5% above its June 30 valuation, allowing the company "to crystallise the returns on the asset while releasing capital to strengthen its liquid resources".
Chief Executive Fredrik Widlund said: "The group remains convinced of the attractions of well-located, high-quality offices in non-prime locations whilst continually assessing whether to hold or sell properties in-line with CLS's business model."
Shares in CLS were down 0.6% to 134.26 pence each in London on Thursday morning.
By Sophie Rose; sophierose@alliancenews.com
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