Business
Sale of Ateliers Victoires
Sale of Ateliers Victoires.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7185D CLS Holdings PLC 28 June 2019 \n\n \nRelease date: 28 June 2019\nEmbargoed until: Immediate release\n \n \nCLS Holdings plc (\"CLS\") announces \nsale of Ateliers Victoires, Paris for €42 million \n \nCLS 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.\n \nAteliers 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.\n \nThe building was fully let to Epoka, a leading consultancy in corporate communications, HR and marketing. \n \nThe sale price was 21.4% above the 31 December 2018 valuation and reflected a net initial yield of 3%. \n \nCommenting on the sale, Fredrik Widlund, Chief Executive Officer of CLS, said:\n \n\"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.\"\n \n \n-ends-\n \nFor further information, please contact:\n \nCLS Holdings plc\n(LEI: 213800A357TKB2TD9U78)\nwww.clsholdings.com\nFredrik Widlund, Chief Executive Officer\nJohn Whiteley, Chief Financial Officer\n+44 (0)20 7582 7766\n \nLiberum Capital Limited\nRichard Crawley\nJamie Richards\n+44 (0)20 3100 2222\n \nWhitman Howard\nHugh Rich\n+44 (0)20 7659 1261\n \nElm Square Advisers Limited\nJonathan Gray\n+44 (0)20 7823 3695\n \nSmithfield Consultants (Financial PR)\nAlex Simmons \nRob Yates\n+44 (0)20 3047 2546\n\n \n\nThis 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 ...