Business
CLS announces sales in Munich and Dusseldorf
CLS announces sales in Munich and Dusseldorf.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2448G CLS Holdings PLC 22 July 2019 \n\n \n PRESS RELEASE\n \nRelease date: 22 July 2019\nEmbargoed until: Immediate release\n \n \nCLS Holdings plc (\"CLS\")\nannounces €57.4m of sales in Munich and Düsseldorf, Germany\n \nCLS today announces the exchange of contracts to sell East Gate and Schanzenstrasse in Germany for a total of €57.2 million. The decision to sell the properties was driven by their low Net Initial Yield (\"NIY\") and the limited scope for CLS to add further value. Completion of the sales is expected before the end of September 2019.\n \nEast Gate, Kapellenstrasse 12, Feldkirchen, located in Greater Munich is being sold for €45.3 million. The sale price achieved is 16% above the 31 December 2018 valuation and reflects a NIY of 4.3%. The property comprises 17,124 sqm (184,321 sq. ft) of high quality, modern and flexible office space. The building was previously the headquarters of a medical technology company that vacated the property in 2017. CLS has since transformed it into a multi-let, high tech hub which is currently over 90% let.\n \nSchanzenstrasse 76, located in Düsseldorf, is being sold to a residential developer for €11.9m. The sale price achieved is 76% above the 31 December 2018 valuation and reflects a NIY of 3.3%. The property comprises 3,095 sqm (33,315 sq. ft) and is currently let to the City of Düsseldorf until the end of the year. Over the last 5 years, the area has been significantly improved with the development of high-quality residential buildings. \n&nbs...