CLS Holdings PLC Completion of Düsseldorf acquisition (1279J)
September 07 2016 - 1:00AM
UK Regulatory
TIDMCLI
RNS Number : 1279J
CLS Holdings PLC
07 September 2016
CLS Holdings plc
("CLS", the "Company", the "Group")
announces the completion of an acquisition in Düsseldorf
Further to our announcement on 11 July 2016, CLS confirms it has
duly completed on the acquisition of Parsevalstrasse 11, Düsseldorf
for EUR43.6 million including costs. The property generates net
rental income of EUR3.1 million, reflecting a net initial yield of
7.1%, and has been financed with a local bank at an all-in cost
fixed for seven years at 0.92%. The building benefits from a high
occupancy rate and presents significant scope for future rental
uplifts and other asset management opportunities.
Fredrik Widlund, Chief Executive of CLS, commented:
"We are delighted to have acquired this investment, which adds
significantly to the Group's cash flow and provides strong asset
management opportunities in the short to medium-term. The
transaction underlines our ongoing confidence in the German
property market and, as a long-term investor, we believe our
broader European portfolio, with its diversified tenant base, will
continue to provide a strong and stable income stream."
-ends-
For further information, please contact:
CLS Holdings plc
www.clsholdings.com
Henry Klotz, Executive Chairman
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Sten Mortstedt, Executive Director +44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards +44 (0)20 3100 2222
Panmure Gordon (UK) Limited
Dominic Morley
Andrew Potts +44 (0)20 7886 2500
Elm Square Advisers Limited
Jonathan Gray +44 (0)20 7823 3695
Smithfield Consultants (Financial PR)
Alex Simmons +44 (0)20 7360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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