Last checked at 28 Aug 2008 16:16
For Immediate Release: Thursday 28 August 2008
CLS HOLDINGS PLC ("CLS") ANNOUNCES THE SALE OF TWO PROPERTIES IN HAMMERSMITH, LONDON
The Board of CLS is pleased to announce the sale of the freehold interests in 271-273 King Street (known as London House) and 275/281 King Street, Hammersmith to Matterhorn Capital St Josephs Two for a total price of ‚£7.804m, representing an initial yield of 6.95%.
275/281 King Street is a six storey multi let office building occupying a prominent position opposite Ravenscourt Park. It comprises 20,399 sq ft (1,890 sqm) and is let to H&F Bridge Partnership Limited, Kayhan Publishing Limited and as a business centre.
CLS acquired 275/281 King Street in 1999 for ‚£3.4m and London House in 1997 for ‚£1.375m. The sale represents a 1.3% discount on the June 2008 valuation.
Executive Chairman of CLS, Sten Mortstedt, commented:
"We are very pleased to have sold these properties in the current market especially as approximately 50% of the buildings are due to be vacated in December 2008."
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For further information, please contact:
Sten Mortstedt, Executive Chairman
Henry Klotz, Chief Executive Officer
CLS Holdings plcTel: +44 (0)20 7582 7766www.clsholdings.com
Registered in England No. 2714781. Registered Office: 86 Bondway, London SW8
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