Last checked at 10 Sep 2015 07:00
Release date: 10 September 2015
Embargoed until: 07:00
CLS Holdings plc
("CLS", the "Company", the "Group")
CLS Holdings plc announces the sale of
six UK properties for £7.4 million
CLS Holdings plc announces that it has exchanged contracts to sell six properties in the UK for £7.4 million in aggregate, being £1.6 million above their external valuation at 31 December 2014, but in line with their values at 30 June 2015.
The properties comprise:
· Rivers House, Fortran Road, Cardiff;
· 1009 Oldham Road, Manchester;
· 47-51 High Street, Paisley;
· Gregson House, 2 Central Street, St Helens;
· 3 Sandringham Park, Swansea; and
· Nightclub and event centre, Princes Street, Ipswich.
Five of the six properties were acquired in September 2013 as part of a UK-wide portfolio of 34 properties and the decision to dispose of them was driven by their location and relative size in relation to the Company's broader strategy.
Sten Mortstedt, Executive Chairman of CLS, commented:
"I am very pleased to announce the sale of these six properties at a premium to their 31 December 2014 valuations in a transaction that is another example of the Company's proactive and opportunistic management of its assets. Their disposal frees our in-house management team to concentrate on those UK properties which we believe can deliver more significant returns in the medium to long term."
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For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Panmure Gordon (UK) Limited +44 (0)20 7886 2500
Mark Taylor
Russell Cook
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons