Last checked at 15 Apr 2014 12:20
Release date: 15 April 2014
Embargoed until: Immediate
CLS Holdings plc
("CLS", the "Company" or the "Group")
announces the disposal of Cambridge House, Hammersmith, London W6
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.
Sten Mortstedt, Executive Chairman of CLS, commented:
"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:
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
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Charles Stanley Securities +44 (0)20 7149 6000
Mark Taylor
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons