Business
Trading Update
CLS Holdings plc reported resilient leasing activity for the period July 1 to December 1, 2025, with £2.6 million in annual rent secured between July and September at 3.5% above ERV, and further significant leases signed in October and November. The company has completed over half of its £400 million sales program, reducing its Loan-to-Value (LTV) to 48.8% as of September 30, 2025, and has successfully refinanced £373.7 million of debt maturing in 2025, strengthening its balance sheet with £53 million in cash and £43 million in undrawn facilities. Despite two German tenants filing for insolvency, rent collection remains strong at 97% for Q4 and 99% for the first three quarters of 2025. Disclaimer*
About this update from Cls Holdings Plc
[{"type":"text","content":"\n\nCLS Holdings plc (\"CLS\", the \"Company\" or the \"Group\")\nTrading Update for the period 1 July 2025 to 1 December 2025\n \n \nFredrik Widlund, Chief Executive of CLS, commented:\n \n\"Since the half-year, we have made further progress against our four strategic priorities: improving occupancy, executing sales to reduce LTV, completing our 2025 refinancings, and investing in our portfolio.\n \n\"Although broader economic and political developments have slowed down leasing activity and decision making since the summer, leasing activity continues to hold up well, with the same value of letting transactions as last year and rental growth continuing across our markets and we are pleased to have recently signed several significant leases, including at the Artesian, Prescot Street, with others well progressed.\n \n\"We are over halfway through our £400 million sales programme and are making progress on further disposals which we expect to conclude in the coming quarters. With 2025 representing a peak year for debt maturities, we have successfully refinanced or repaid the £373 million due, further strengthening our balance sheet and delivering a more evenly spread debt profile for the years ahead.\n \n\"Demand for high-quality office space continues to be evident, and we remain committed to delivering long-term shareholder value by investing and focusing on well-located, flexible properties in strong locations.\"\n \nA summary of our key operational and financial metrics is set out below:\n \nVacancy, lettings and occupancy (as at 30 September 2025)\nIn the first three quarters of 2025, CLS' transaction levels remained resilient, with letting activity in-line with 2024, albeit with lower activity than was initially targeted, from the continued economic and political backdrop across our countries, with the UK particularly noteworthy.\n \nBetween 1 July and 30 September 2025, we signed 19 leasing deals securing £2.6 million of annual rent at 3.5% above ERV....