(Alliance News) - CLS Holdings on Wednesday said it anticipates meeting its earnings expectations for 2023 as it hailed its performance in the first nine months of the year.
The UK, Germany, and France-focused commercial property investor said in the first nine months of 2023, leasing activity increased "substantially" with 93 deals securing GBP10.2 million of annual rent, 70% higher than a year ago and at 9.1% above estimated rental value.
The company highlighted that in the third quarter, it signed 24 leasing deals securing GBP2.4 million of annual rent, up 50% from a year prior and 6.2% higher than ERV.
Chief Executive Officer Fredrik Widlund said: "The group is also benefiting from its high proportion of index-linked leases and a strong performance in our student and hotel operations. Underlying vacancy is stable. Consequently, the board remains confident that the group will meet its earnings expectations for the full year."
CLS shares rose 4.2% to 104.20 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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CLS Holdings (CLI)