Acquisition
September 12 2003 - 2:00AM
UK Regulatory
RNS Number:6904P
CLS Holdings PLC
12 September 2003
Embargoed: 0700 hrs 12 September 2003
CLS HOLDINGS PLC
AND SELLAR PROPERTY GROUP ACQUIRE
NEW LONDON BRIDGE HOUSE FOR #39.5M
CLS Holdings plc ("CLS") and Sellar Property Group ("SPG") today announce that,
through a 50/50 joint venture company, they have acquired the freehold of the
12,169.9 sq m (131,000 sq ft) New London Bridge House adjacent to the proposed
London Bridge Tower development.
The joint venture has paid #39.5m for the fully let building, reflecting an
initial net yield of 8.5%, and has been acquired as a medium term investment
from the Royal London Mutual Insurance Society. The building is let to five
tenants including Standard Chartered Bank, Coutts & Co and Marubeni Europe Plc
on leases expiring in 2009. Bank of Scotland Corporate Banking has provided term
debt of #30m in support of this acquisition.
The building is located directly in front of London Bridge Station and,
following its acquisition by CLS and SPG, could provide a greater capacity for
regeneration of the London Bridge area beyond that currently envisaged by Renzo
Piano's "Shard of Glass" proposed redevelopment of Southwark Tower.
-ends-
For further information, please contact:
Sten Mortstedt, Executive Chairman
Tom Thomson, Vice Chairman & Acting Chief Executive
Kevin Chapman, UK Property Director
CLS Holdings plc
www.clsholdings.com
Tel. +44 (0)20 7582 7766
Baron Phillips, Baron Phillips Associates
Tel: + 44 (0)20 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
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