Last checked at 16 Oct 2018 07:00
Release date: 16 October 2018
Embargoed until: Immediate release
CLS Holdings plc
("CLS", the "Group")
announces disposal of Buspace Studios, London W10
CLS announces that it has completed the sale of Buspace Studios, 10 Conlan Street, London W10 for a consideration of £13.5 million.
The property comprised 32,537 sq ft (3,023 sqm) of office space and realised a profit of 4.2% above its valuation at 30 June 2018 of £12.95 million, which was unchanged from 31 December 2017. It has been acquired by Warrior Property Group on a net initial yield of 4.5%, with the potential to apply for a change of use.
The decision to sell the property was driven by its small lot size, low yield and limited scope for CLS to further add value.
Fredrik Widlund, Chief Executive of CLS, commented:
"Buspace Studios has served as an incubator for businesses with small space needs, allowing them to grow into potential tenants for other CLS properties within London. We look forward to investing the proceeds of the sale into higher yielding properties which have the scope for us to maximise value through active asset management."
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For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
John Whiteley, 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
Sam Moodie
+44 (0)20 3047 2476