Business
Disposal of Interest in Fielden House, London, SE1
Disposal of Interest in Fielden House, London, SE1.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2373C CLS Holdings PLC 12 April 2013 \n\n \nRelease date: 12 April 2013\nEmbargoed until: Immediate release\n \n \n \nCLS Holdings plc \n(\"CLS\", the \"Company\" or the \"Group\")\nannounces the disposal of its interest in Fielden House, Southwark, SE1\n \nCLS Holdings plc announces that the Group has sold its one-third interest in a joint venture, Fielden House Investment Limited, which owns Fielden House, 28/42 London Bridge Street, SE1, next to the Shard.\n \nFielden House was purchased in November 2006 by the joint venture as a long-term investment offering the potential for future redevelopment with equity of £2.6 million and a bank loan of £6.375 million. It was valued at 31 December 2012 by the Group's valuers, Lambert Smith Hampton, at £8.3 million, and the simultaneous sale of the entity by each of the three joint venture partners implies a value for the property without planning permission of £13.7 million, representing a 65% premium over the year end valuation. The Group's share of the proceeds represents an uplift of £1.8 million over the year end carrying value.\n \nSten Mortstedt, Executive Chairman of CLS Holdings plc, commented:\n \n\"We are very pleased with the sale of our Fielden House interest to a strategic developer at a price substantially higher than the year end valuation.\"\n \n-ends-\nFor further information, please contact:\n \nCLS Holdings plc +44 (0)20 7582 7766\nwww.clsholdings.com \nSten Mortstedt, Executive Chairman\nHenry Klotz, Executive Vice Chairman\nRichard Tice, Chief Executive Officer\n \nLiberum Capital Limited  ...