15 Apr 2014 12:20
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Release date: 15 April 2014
Embargoed until: Immediate
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CLS Holdings plc
("CLS", the "Company" or the "Group")
announces the disposal of Cambridge House, Hammersmith, London W6
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CLS Holdings plc announces that the Group has sold Cambridge House, 100 Cambridge Grove, London W6 for £29.5 million, excluding costs, an uplift of 65 % over the half year 2013 external valuation and 32% over the year end external valuation. The sale price represents a net initial yield of 2.34% for the property which, considered a development site, is 50% vacant.
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Sten Mortstedt, Executive Chairman of CLS, commented:
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"We are very pleased with the sale of Cambridge House, yet another transaction completed at a price substantially higher than recent external valuations. This is evidence of the continuing strength of the London market from which the Company is well placed to benefit."
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For further information, please contact:
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CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman and Acting CEO
John Whiteley, Chief Financial Officer
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Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
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Charles Stanley Securities +44 (0)20 7149 6000
Mark Taylor
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Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
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Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons
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