3rd Nov 2021 10:12
(Alliance News) - CLS Holdings PLC on Wednesday said its performance improved as client activity increased across all of its operating geographies.
The London-based commercial property investor said it had received 97% of contractual rents due for the recent quarter and month as at Tuesday, up from 95% last year.
For the first three quarters of 2021, CLS Holdings said it has now received 99% of contractual rents due, also higher than 98% last year.
The FTSE 250-listed company said vacancies in the UK and France are largely unchanged since the end of June, while vacancy in Germany has increased, primarily due to the expected expiry of leases at Parsevallstrasse and Hansaalle in Dusseldorf. CLS said it is expecting a reduction in German vacancy by year-end.
Since July, CLS said it has secured 26 deals with GBP2.9 million of annual rent.
"We are seeing improving market conditions and activity levels in all our geographies, albeit at different speeds, with Germany bouncing back strongly, France performing well and an encouraging recovery in the UK," said Chief Executive Fredrik Widlund.
"We are confident that our ongoing asset management activity will lead to a reduction in vacancy by the year-end," added Widlund.
CLS shares were flat in London on Wednesday morning at 219.00 pence each.
By Evelina Grecenko; [email protected]
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