(Alliance News) - CLS Holdings PLC on Monday said it has sold Westminster Tower, Albert Embankment, for GBP40.8 million.
The UK, Germany, and France-focused commercial property investor said the sale was in line with its December 31 valuation.
The asset was sold to the London Square Group, which intends to convert the property from an office space into residential.
"The property benefits from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors, with views overlooking the River Thames and Westminster," CLS added.
Completion is expected in the second quarter of 2024.
Chief Executive Fredrik Widlund said: "We remain focused on having the highest quality, sustainable, modern offices in our locations. Westminster Tower was no longer suitable for the modern office tenants we look to service, but is a prime opportunity for residential conversion, and I wish London Square all the success with the conversion. The disposal is in line with our strategy to reduce leverage and we will continue to pursue potential disposals in the months ahead."
Shares in CLS Holdings were up 0.6% to 83.20 pence each in London on Monday morning.
By Sophie Rose, Alliance News senior reporter
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CLS Holdings (CLI)