28th Jun 2019 09:20
(Alliance News) - CLS Holdings PLC on Friday said it has unconditionally exchanged contracts to sell Ateliers Victoires, an office building in Paris, for EUR42 million.
The sale price was 21% above the end of 2018 valuation and reflected a net initial yield of 3%.
The commercial property investment company said it expects completion of the sale before the end of September.
Ateliers Victoires, with 2,000 square meters of office space over eight floors, was recently redeveloped by CLS's in-house development team to provide office space with a double-height entrance hall and the upper-floor offering views across Paris, CLS said.
"This disposal is a demonstration of our capital discipline and asset management expertise," said CLS Chief Executive Fredrik Widlund.
"The proceeds will give us additional resources to reinvest in properties across our key markets," added Wildlund.
CLS shares were trading 0.2% lower on Friday morning in London at 212.50 pence each.
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