TIDMCLI

RNS Number : 0063A

CLS Holdings PLC

21 March 2017

   Release date:                21 March 2017 
   Embargoed until:            7.00 am

CLS Holdings plc

("CLS", the "Group")

announces the acquisition of

Network Perlach property in Munich, Germany

CLS Holdings plc announces that it has exchanged contracts to acquire a multi-let office property in Perlach, in the south-east of Munich, Germany, for EUR15.3 million.

Network Perlach, Unterhachinger Strasse 75, Munich, comprises 9,449 sqm (101,708 sq ft) of office space which, with an occupancy rate of 88%, currently generates a rental income of EUR821,000 per annum, reflecting a net initial yield of 5.1%, or 6.2% when fully let.

The property has a diversified tenant base that provides a stable income, with an estimated rental value of some EUR1.2 million, reflecting an ERV yield of 7.4%.

Munich is experiencing a period of rising rents resulting from strong leasing activity which has driven the vacancy rate of offices in the city down to around 3%. The property is excellently located 350m from the S-Bahn station in Perlach, 18 minutes by rail from Munich Main Station.

Fredrik Widlund, Chief Executive of CLS, commented:

"The acquisition of Network Perlach is consistent with our strategy of investing in multi-let, high-quality offices and we look forward to enhancing the returns from the property to maximise its potential in the medium term."

-ends-

For further information, please contact:

 
 CLS Holdings plc 
  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 
 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

ACQMMGZFRGDGNZM

(END) Dow Jones Newswires

March 21, 2017 03:00 ET (07:00 GMT)

Cls (LSE:CLI)
Historical Stock Chart
From Mar 2025 to Apr 2025 Click Here for more Cls Charts.
Cls (LSE:CLI)
Historical Stock Chart
From Apr 2024 to Apr 2025 Click Here for more Cls Charts.