Last checked at 28 Jun 2019 07:00
Release date: 28 June 2019
Embargoed until: Immediate release
CLS Holdings plc ("CLS") announces
sale of Ateliers Victoires, Paris for €42 million
CLS announces that it has unconditionally exchanged contracts to sell Ateliers Victoires in Paris for €42 million. Completion of the sale is expected before the end of September 2019.
Ateliers Victoires, with 2,000 sqm (21,500 sq ft) of modern office space over eight floors at 48 Rue Croix des Petits Champs, 75001 Paris, France, was recently redeveloped by CLS's in-house development team to provide high quality office space with a double height entrance hall and the upper floor offering exceptional panoramic views across Paris.
The building was fully let to Epoka, a leading consultancy in corporate communications, HR and marketing.
The sale price was 21.4% above the 31 December 2018 valuation and reflected a net initial yield of 3%.
Commenting on the sale, Fredrik Widlund, Chief Executive Officer of CLS, said:
"This disposal is a demonstration of our capital discipline and asset management expertise. While we are long-term investors in Paris, we are opportunistic in our approach to realising value. The proceeds will give us additional resources to reinvest in properties across our key markets."
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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
Rob Yates
+44 (0)20 3047 2546