21st Jan 2019 08:41
LONDON (Alliance News) - CLS Holdings PLC said Monday it has sold its 58% stake in First Camp Sverige Holding AB for GBP28.7 million, in line with the company's strategy to focus on its core office properties business.
The company has sold its stake in First Camp to Nordic Camping & Resort Bidco AB, indirectly majority-owned by a fund advised by Norvestor Equity AS. The deal consideration will be satisfied by GBP21.0 million cash and a GBP7.7 million vendor loan.
The property company also said First Camp has sold its shareholding in Swedish office leasing firm Cood Investments AB for a nominal amount to existing shareholders of First Camp in proportion to their existing holdings.
Cood had net assets of GBP600,000 at December 31.
The disposal of First Camp together, with the Cood transaction, is expected to reduce CLS's net assets by GBP9.9 million, equating to a marginal fall in EPRA net asset value per share of around 2 pence, the majority of which will be accounted in 2018.
CLS, however, said group EPRA NAV at December 31 will be at the higher end of market expectations. The company is scheduled to release its 2018 results on March 7.
Shares in CLS were trading 1.7% higher at 236.00 pence each on Monday morning.
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