17th Jul 2019 13:09
(Alliance News) - CLS Holdings PLC on Wednesday said it will appoint Denise Jagger as a non-executive of the property firm, shortly after it agreed to sell Quayside Lodge in London to SMC Fulham Ltd for GBP19 million.
The mid-cap commercial property investment firm said the disposal price represents a 14% premium to the site's valuation as at December 31, 2018.
The decision to sell the Fulham property was driven by its higher alternative use value and limited scope for CLS to add further value, the company explained.
Quayside Lodge was acquired by CLS in 2004 and currently provides 32,000 square feet of office space over three floors. CLS said it has secured detailed planning permission last year for a new, high-quality 160,000 square feet expansion.
"This sale demonstrates that there is good demand for residential development sites in Central London locations that are designed to a high standard and have the benefit of full planning permission," said Head of Group Property Simon Wigzell.
"Our in-house development team have proven our ability to secure long-term, value-add development opportunities from within our portfolio," added Wigzell.
In a separate announcement on Wednesday, CLS announced Denise Jagger would join the firm from the start of August as a non-executive director.
Jagger is currently non-executive at housebuilder Bellway PLC. Previously, she was a partner of legal firm Eversheds Sutherland LLP having served as a senior lawyer at UK supermarket Asda Stores between 1993 and 2004.
"We are delighted to welcome Denise to the board," outgoing Executive Chair Henry Klotz and Non-Exec Chair-Elect Lennart Sten said. "Denise brings a wealth of commercial experience both from the wider property industry and as an experienced independent non-executive director."
"Denise's appointment will broaden the range of experience, and enhance the independence, of the board and we look forward to working with Denise," the pair added.
CLS shares were trading 4.8% higher on Wednesday in London at 223.78 pence each.
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