16th Nov 2022 10:55
(Alliance News) - CLS Holdings PLC on Wednesday reported "good" letting activity as it said it has signed leases above estimated rental value and previous passing rent.
In a trading update for the period since July 1, the London-based commercial property investor noted a "strong" balance sheet as it said it is progressing with refinancing its loans which are due to mature in 2023.
Vacancy rates are mildly up overall, only dropping in Germany. As at September 30, the overall vacancy rate increased to 7.4% from 6.9% at June 30. In the UK, it rose to 8.9% from 7.6% and in France to 2.4% from 2.3%. In Germany, the vacancy rate fell to 7.3% from 7.5%.
As of Tuesday, CLS has collected 97% of fourth quarter contractual rents, an improvement from 95% a year ago. For the first three quarters of 2022, the number stood at 98%, unchanged.
Further, the company expects tenants to move back into a "major" refurbishment at Park Avenue in Lyon, France in the first quarter of 2023.
CLS said its buyback tender offer from two months ago of 10.2 million shares for 250 pence each was fully subscribed.
CLS shares were 0.6% lower at 154.40 pence each in London on Wednesday morning. The stock is down 28% over the past 12 months.
By Tom Budszus; [email protected]
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