CLI Cls Holdings Plc

TIDMCLI

RNS Number : 6951P

CLS Holdings PLC

14 October 2019

PRESS RELEASE

   Release date:                14 October 2019 
   Embargoed until:            Immediate release 

CLS Holdings plc ("CLS")

announces the acquisition of Pacific House, Reading

CLS announces that it has completed the acquisition of Pacific House in Reading, a 57,086 sq. ft (5,303 sqm) multi-let office building, for GBP14.9 million excluding costs. The acquisition has a net initial yield of 7.3%.

The building, which is located to the south of Reading, is 92% let to 7 tenants with a WAULT of 4 years. The property is well-positioned near the M4 motorway and the planned Green Park train station. Reading is an established and growing office market which provides tenants with good value space. Pacific House is currently leased at an average of GBP21 per sq. ft.

CLS intends to conduct a number of upgrades to the building while focusing on leasing the remaining space in the building over the next few years.

Commenting on the acquisition, Fredrik Widlund, Chief Executive Officer of CLS, said:

"Reading is an exciting location for offices as companies continue to look for more affordable alternatives to London. It is already home to a number of blue-chip occupiers and we look forward to working with the tenants to upgrade the space in due course.

"CLS continues to focus on acquiring assets at attractive yields in the UK market with strong cashflow and diverse income streams."

-ends-

For further information, please contact:

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

Andrew Kirkman, 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACQDMMMGVMVGLZM

(END) Dow Jones Newswires

October 14, 2019 02:00 ET (06:00 GMT)

Cls (LSE:CLI)
Historical Stock Chart
From Apr 2024 to May 2024

Cls (LSE:CLI)
Historical Stock Chart
From May 2023 to May 2024