Last checked at 21 Dec 2018 10:30
Release date: 21 December 2018
Embargoed until: Immediate Release
CLS Holdings plc
("CLS", the "Group")
announces acquisition of Les Reflets, Lille
CLS announces that it has unconditionally exchanged contracts to acquire Les Reflets, 15 Rue Jean Walter, Lille, France, for a consideration of €11.4 million plus costs. Completion is expected in the first quarter of 2019.
Les Reflets is a four-year-old multi-let office building located in the south of Lille, comprising 4,158 sqm (44,756 sq ft) of office space fully let to five tenants with a WAULT of 3.5 years. The property has an annual net rent of €769,000, reflecting a net initial yield of 6.6%.
Lille is the third largest office market in France after Paris and Lyon, with 4.4m sqm (47.4m sq ft) of office space of which only 4% is currently vacant. The city is experiencing widespread regeneration and has fast transport links to Paris and London.
Fredrik Widlund, Chief Executive of CLS, commented:
"We are delighted to announce the acquisition of Les Reflets, a high quality, high-yielding office property with scope for strong returns, and which will be a valuable addition to our French portfolio.
"CLS has been active in the Lille property market for over 20 years and we believe the market fundamentals to be robust, with a shortage of office supply, extensive regeneration in the city, and an improving macro outlook in France."
-ends-
For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital +44 (0)20 3100 2222
Richard Crawley
Jamie Richards
Whitman Howard +44 (0)20 7659 1261
Hugh Rich
Robin White
Elm Square Advisers +44 (0)20 7823 3695
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 3047 2476
Alex Simmons