Last checked at 1 Nov 2017 07:00
CLS Holdings plc
("CLS", the "Company")
Disposal of Centenary Court, Bradford
CLS Holdings announces that it has completed the disposal of Centenary Court, Bradford, to a private investor for £14.35 million. The current annual rent from the property is £2.3 million. The property, which comprises 105,200 sq ft (9,773 sqm) and is let in its entirety to HMRC until April 2027, has a tenant break clause effective April 2021. HMRC has made public its intention to vacate the property and transfer its functions to a regional centre.
The property was valued at 30 June 2017 at £14.35 million and its disposal will not impact the Group's reported net asset value at 30 June 2017.
Fredrik Widlund, Chief Executive Officer of CLS, said:
"Since its acquisition four years ago, Centenary Court has generated strong double digit returns, but now is the time to reinvest its capital into assets that better fit with the Group's strategy and geographical focus in the south east of the UK."
For further information, please contact:
CLS Holdings plc www.clsholdings.com +44 (0)20 7582 7766
Fredrik Widlund, Chief Executive OfficerJohn Whiteley, Chief Financial Officer
Liberum Capital Limited+44 (0)20 3100 2222Richard Crawley
Jamie Richards
Panmure Gordon (UK) Limited+44 (0)20 7886 2500Dominic MorleyAndrew Potts
Elm Square Advisers Limited +44 (0)20 7823 3695Jonathan Gray
Smithfield Consultants (Financial PR) +44 (0)20 3047 2476Alex Simmons