CLS Holdings plc
("CLS", the "Company", the "Group")
CLS Holdings plc announces acquisition of
€24.4 million office building near Munich, Germany
CLS Holdings plc announces that it has unconditionally exchanged contracts to acquire a fully-let office building near Munich, Germany for €24.4 million. The scheme is let to eleven tenants and it generates a rental income of €2.0 million, equating to a net initial yield of 7.9%.
Germany is one of CLS Holdings's core markets and it accounts for approximately 17% of the Group's total portfolio. CLS Holdings's investment strategy has long been characterised by a willingness to be opportunistic and this acquisition sees the Company drawing on its strong local market knowledge to secure a site in an established business district near Munich.
The scheme is located in the municipality of Unterfoehring - approximately 8 km northeast of Munich's city centre - and provides 14,630 sqm of high-quality offices and 252 car parking spaces. It is currently 100% let with notable tenants including Sky Deutschland, Kabel Deutschland, and the Bavarian Academy of Television. Completion is due in mid-June.
Sten Mortstedt, Executive Chairman of CLS Holdings plc, commented:
"I am delighted that we have secured this building in Unterfoehring, Munich, which provides an excellent long-term income stream from blue-chip tenants. We continue to see potential in Germany and this acquisition will further enhance our offering in that market."
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For further information, please contact:
CLS Holdings plc +44 (0)20 7582 7766
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Fredrik Widlund, Chief Executive Officer
John Whiteley, Chief Financial Officer
Liberum Capital Limited +44 (0)20 3100 2222
Tom Fyson
Charles Stanley Securities +44 (0)20 7149 6000
Mark Taylor
Kinmont Limited +44 (0)20 7087 9100
Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 7903 0669
Alex Simmons
This information is provided by RNS