Sale of Ateliers Victoires

RNS Number : 7185D

CLS Holdings PLC

28 June 2019

 

Release date:                28 June 2019

Embargoed until:           Immediate release

CLS Holdings plc ("CLS") announces

sale of Ateliers Victoires, Paris for €42 million

CLS announces that it has unconditionally exchanged contracts to sell Ateliers Victoires in Paris for €42 million. Completion of the sale is expected before the end of September 2019.

Ateliers Victoires, with 2,000 sqm (21,500 sq ft) of modern office space over eight floors at 48 Rue Croix des Petits Champs, 75001 Paris, France, was recently redeveloped by CLS's in-house development team to provide high quality office space with a double height entrance hall and the upper floor offering exceptional panoramic views across Paris.

The building was fully let to Epoka, a leading consultancy in corporate communications, HR and marketing.

The sale price was 21.4% above the 31 December 2018 valuation and reflected a net initial yield of 3%.

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

"This disposal is a demonstration of our capital discipline and asset management expertise. While we are long-term investors in Paris, we are opportunistic in our approach to realising value. The proceeds will give us additional resources to reinvest in properties across our key markets."

-ends-

For further information, please contact:

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

John Whiteley, Chief Financial Officer

[phone]

Liberum Capital Limited

Richard Crawley

Jamie Richards

[phone]

Whitman Howard

Hugh Rich

[phone]

Elm Square Advisers Limited

Jonathan Gray

[phone]

Smithfield Consultants (Financial PR)
Alex Simmons

Rob Yates

[phone]

 

END

 

 

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