CLS Holdings sells Essen office building for EUR60.0 million

(Alliance News) - CLS Holdings PLC on Monday reported the unconditional sale and exchange of The Brix in Essen for EUR60.0 million.

The commercial property investment company said the sale of the 234,621 square foot office building in Germany aligns with its December 31 valuation.

Deal completion is anticipated in the second quarter of this year, with proceeds earmarked for debt repayment, said CLS.

Shares in CLS Holdings were up 3.7% at 49.10 pence on Monday morning in London

"Following completion of the lease and refurbishment, we consider this the right time to crystallise the value of our investment through a disposal, improving the geographical focus of our German portfolio and reducing debt. The transformation of the building demonstrates our commitment to active asset management and to delivering high-quality, sustainable offices that meet the needs of long-term occupiers," said CLS Chief Executive Fredrik Widlund.

By Christopher Ward, Alliance News reporter

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