14th May 2014 10:39
LONDON (Alliance News) - Property investment business CLS Holdings PLC said it has made good progress in a number of areas in 2014 including the "opportunistic" disposal of Cambridge House in Hammersmith, London for GBP29.5 million, 32% above its December valuation.
In an interim management statement for 2014 to date, the company, which lets properties across Europe, said the vacancy level across its portfolio fell to 3.5% at May 13, compared with 4.4% at December 31.
CLS said its French arm now generates more cash than a year ago. It said it made GBP165 million worth of acquisitions in 2013, which has raised the group's annualised rental income by 25%, in turn this has boosted profit in the first quarter 2014.
In the UK, CLS said it continues to be successful in leasing space. New lettings, lease renewals and extensions were completed on 882 square metres, and occupiers vacated from 2,407 square metres since the beginning of the year, said the company.
CLS shares were quoted down 1.0% at 1,402.50 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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