7th Mar 2018 10:09
LONDON (Alliance News) - CLS Holdings PLC said on Wednesday it saw a transformational and exceptional year in 2017, with the introduction of dividends, new acquisitions in Germany as well as the disposal of its large development site in Vauxhall.
The FTSE 250-listed property investment company reported EPRA net asset value per share as at the end of 2017 of 286.0 pence, down from 245.6p on the same date a year before. Basic net asset value per share was up 17% to 252.0p from 215.1p.
The net asset value per share is at a tenth of what was previously reported for 2016, to accommodate the share subdivision in May that divided each ordinary CLS share of 25 pence each into ten new shares of 2.5p each.
The group said the net asset rise was due to value uplifts from all of its regions, with CLS's property portfolio rising in value to GBP1.77 billion from GBP1.57 billion the prior year. Its French properties increased in values by 8.7%, its German portfolio by 6.6% and its UK holdings by 4.7%.
CLS's contracted rent roll rose by 14% to GBP103.8 million from GBP91.2 million, and its vacancy rate was 5.85 at the year-end from 3.1% a year earlier.
CLS disposed of properties valued at GBP158.9 million, including Vauxhall Square, generating proceeds of GBP241.9 million, and acquired assets for GBP238.5 million in aggregate.
As at the end of the year, the UK comprises 52% of CLS portfolio, down from 61% in 2016, while Germany represents 32%, up from 22%, and France remaining at 16%.
CLS Holdings declared a final dividend of 4.30 pence per share, bringing the total payout to 6.35 pence, representing a 10% rise from the year before, in line with the share subdivision.
"For CLS, 2017 was a transformational year, which saw the group realise the value that had been built up in Vauxhall Square, whilst making significant acquisitions in Germany, and introducing dividends as a means of distributing cash to shareholders. With this strong set of results, we are delivering on our promise to create sustainable, long-term shareholder value through owning and actively managing high-yielding office properties in key European cities," Executive Chairman Henry Klotz.
Shares in CLS Holdings remained broadly flat at 241.45 pence on Wednesday.
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