19th Sep 2006 09:23
Release date: 19 September 2006 CLS HOLDINGS PLC ("CLS") THE SHARD / LONDON BRIDGE TOWER INTERIM FINANCING CLS Holdings plc is pleased to announce the completion of an interim financingpackage for London Bridge Tower, otherwise known as `The Shard', which is ownedby Teighmore Limited, the joint venture company held by three equal partners,CLS Holdings plc, Sellar Property Group and CN Limited (for and on behalf ofthe Halabi Family Trust).The ‚£196 million facility has been provided by Nationwide Building Society andKaupthing Singer & Friedlander and will, in part, fund the purchase of the PwCoccupational lease in place at the existing building on the site known asSouthwark Towers. Teighmore has exercised its option with PwC who will nowvacate the building before the end of 2007. The funds will also be used to payoff the existing financing and to provide working capital for the current stageof the project.This follows the recent pre-letting of 190,000 sq ft (17,650 sq m) of officesover the lower floors of the tower to TfL (Transport for London). TfL will takea 30 year lease at rent rising in line with RPI.Teighmore has already announced the pre-letting of the 200,000 sq ft (18,580 sqm) hotel element of the scheme to Shangri-La who is also taking a 30 yearlease.Sten Mortstedt, Executive Chairman of CLS Holdings plc said:"With this financing now in place we can secure vacant possession from PwC andmove one step closer to delivering The Shard. We are delighted to have pre-letclose to 50 per cent of the commercial element of the scheme - a remarkableachievement." -ends- For further information, please contact:Sten Mortstedt, Executive ChairmanPer Sjƒ¶berg, Chief Executive OfficerCLS Holdings plcwww.clsholdings.comTel. +44 (0)20 7582 7766Ben SimonsHansard Communications0207 245 1100ENDCLS HOLDINGS PLCRelated Shares:
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