Release date: 13 October 2022
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")
CLS announces the sale of Sentinel House for £7.0 million, 4.5% above valuation
CLS announces that it has simultaneously exchanged and completed on the sale of Sentinel House in Coulsdon, Greater London, for £7.0 million excluding costs.
Sentinel House was acquired by CLS in 2012 and consists of 3,211 sqm (36,711 sq. ft) of office space over 3 floors with ancillary car parking. Throughout our ownership the asset has been let on an FRI basis to IHS Global Limited which will expire at the end of 2022.
The sale, at a price 4.5% above the 30 June 2022 valuation, allows CLS to crystallise the returns on the asset while releasing capital to strengthen its liquid resources.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"The sale of Sentinel House is in line with CLS' asset management strategy and secures a significant return on the asset, capturing value for investors while increasing financial flexibility for the Group. The Group remains convinced of the attractions of well-located, high-quality offices in non-prime locations whilst continually assessing whether to hold or sell properties in-line with CLS' business model."
For further information, please contact:
CLS Holdings plc
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
+44 (0)20 3100 2222
+44 (0)20 7886 2733
+44 (0)20 3207 7800
Edelman Smithfield (Financial PR)
+44 (0)20 3047 2546
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