(Alliance News) - CLS Holdings PLC on Friday said it has unconditionally exchanged contracts to sell Bismarckallee 18-20 in Freiburg, Germany for EUR22.5 million excluding costs.
The property - which consists of 7,500 square metres of office and retail space over nine floors - was bought by the FTSE 250-listed commercial property investor in 2013. It is 85% let to Volksbank Freiburg with the remainder let to TICS, a travel agency, and a computer shop on the ground floor.
CLS stated that while the building no longer fits the criteria for its portfolio ,as it is not in one of its key target markets, it offers a significant opportunity for the buyer. It also highlighted the sale price is 12% above the June 30 valuation
"The sale of Bismarckallee 18-20 secures a significant return for CLS while providing additional resources for further investment in our key markets. We continue to see significant opportunities for investment across the UK, Germany and France and remain confident in the long-term attractiveness of well-located, affordable offices in non-prime locations," said Chief Executive Fredrik Widlund.
Shares in CLS were trading 0.6% lower at 196.20 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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CLS Holdings (CLI)