16 Tinworth Street, London
SE11 5AL, UK
Tel : +44 (0)20 7582 7766
E : enquiries@clsholdings.com
www.clsholdings.com
CLS Holdings plc
("CLS" or the "Group")
Sale of Fangdieckstrasse, Hamburg for €25.3 million
CLS Holdings plc is pleased to announce the unconditional exchange of Fangdieckstrasse 75, 75a and 75b in Hamburg for €25.35 million, 9% below the latest valuation.
The property comprises approximately 13,116 sqm (141,180 sq. ft.) of office, laboratory and training space and is almost fully let, with a weighted average remaining lease term of just under seven years.
Since acquiring the property in 2007, CLS has actively repositioned the site through the expansion of laboratory and office space and the agreement of long-term leases, transforming it into a life sciences campus.
Completion is expected in Q4 2026 and the proceeds from the sale will be used to pay down debt.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"Following the successful repositioning of Fangdieckstrasse, we consider this the right time to dispose of the asset, further focusing our German portfolio and reducing debt. The transformation of the property into an almost fully let life sciences campus demonstrates the value that can be created through active asset management and close engagement with occupiers."
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For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
Fredrik Widlund, Chief Executive Officer
Patrick Symons, Chief Financial Officer
+44 (0)20 7582 7766
Panmure Liberum
Jamie Richards
David Watkins
+44 (0)20 3100 2000
Berenberg
Carl Gough
Harry Nicholas
+44 (0)20 3207 7800
Edelman Smithfield (Financial PR)
Alex Simmons +44 7970 174 353
Hastings Tarrant +44 7813 407 665