Completion of Düsseldorf acquisition

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 €43.6 million including costs. The property generates net rental income of €3.1 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."

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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	[phone]
Liberum Capital Limited Richard Crawley Jamie Richards	[phone]
Panmure Gordon (UK) Limited Dominic Morley Andrew Potts	[phone]
Elm Square Advisers Limited                                                         Jonathan Gray	[phone]
Smithfield Consultants (Financial PR)                                             Alex Simmons	[phone]

 

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