16th Dec 2008 14:36
Immediate Release: Tuesday 16 December 2008
CLS Holdings PLC ("CLS") announces the Sale of STEP 9 in Stuttgart-Vaihingen, Germany
CLS is pleased to announce the sale of the office building STEP 9 in Stuttgart-Vaihingen to Union Investment Real Estate AG for ¢â€š¬12,855,029 (approximately ‚£11.4m). The property was acquired in 2006 for ¢â€š¬11.4m.
STEP 9 is a five storey multi let office building located in the Stuttgarter Engineering Park in Stuttgart-Vaihingen and produces an income of ¢â€š¬827,222 (‚£717,052) per annum, representing a net initial yield of 6.4%.
The property was purchased by Union Investment Real Estate AG for their institutional fund Immo-Invest Europe.
Executive Chairman of CLS, Sten Mortstedt, commented:
"We are happy to have sold this asset at an attractive price in the current market. It reflects the quality and value of our portfolio."
For further information, please contact:
Sten Mortstedt, Executive Chairman
Henry Klotz, Chief Executive Officer
CLS Holdings plcTel: +44 20 7582 7766www.clsholdings.com
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