Last checked at 8 Jan 2020 07:00
Release date: 8 January 2020
Embargoed until: 07:00 am
CLS Holdings plc ("CLS")
announces the acquisition of 'TWENTY' Kingston Road, Staines-upon-Thames
and the completion of the sale of Quayside Lodge in Fulham, London
CLS announces that it has unconditionally exchanged contracts to acquire 'TWENTY' Kingston Road in Staines for £19.0 million excluding costs. Completion is planned for 3 February 2020.
TWENTY comprises 44,230 sq. ft (4,109 sqm) of grade A, multi-let office space in Staines. The building has excellent transport links and is a short walk away from Staines train station which has quick connections to London and Reading. Heathrow Airport is a short drive away.
The asset is currently let to four tenants with a WAULT of 5.4 years to breaks and has a vacancy of 23%. It has an attractive net initial yield of 5.3%, increasing to 7.0% once fully let. TWENTY underwent an extensive refurbishment in 2014 and achieved a BREEAM Excellent accreditation and EPC 'B' rating.
CLS also announces that it has completed the sale of Quayside Lodge in Fulham, London for £19.0 million to a private developer. As previously announced, CLS achieved planning permission in 2018 for a new 10-storey residential development.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"We continue to see a range of acquisition opportunities in the UK that are highly suited to our portfolio. TWENTY Kingston Road offers strong reversionary potential with a yield of 7% once fully let and the acquisition is in line with our opportunistic approach. We will also continue to recycle capital, when opportunities like Quayside arise, into new investments in the UK, Germany and France."
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For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Whitman Howard
Hugh Rich
+44 (0)20 7659 1261
Elm Square Advisers Limited
Jonathan Gray
+44 (0)20 7823 3695
Smithfield Consultants (Financial PR)Alex Simmons
Rob Yates
+44 (0)20 3047 2546