19th Feb 2016 07:29
LONDON (Alliance News) - CLS Holdings PLC on Friday said it has struck a deal to sell a mixed-use property in Sweden for SEK590.0 million, or around GBP48.8 million.
The FTSE 250-listed property investor has sold the Vänerparken property in Vänersborg to Bengt Linden AB, a privately-owned real estate company.
The 418,813 square foot mixed-use scheme includes office assets, plus education, leisure and healthcare facilities. Excluding costs, the sale price represents an 11% rise on the valuation of the property at the end of June.
"I am very pleased that we have reached an agreement with Bengt Linden AB for the sale of Vänerparken. Since its purchase in 1998, the property has made a strong contribution to the cash flow of the group and its sale reflects our strategy of long-term investment in key European property markets and opportunistic portfolio management," said Executive Chairman Sten Mortstedt.
By Sam Unsted; [email protected]; @SamUAtAlliance
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