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CLS disposes of two properties in Germany
(Sharecast News) - Property investment firm CLS Holdings said on Tuesday that it has disposed of two properties in Germany for a total of €41.3m. CLS has completed the sale of Techno Centre in Munich, an 8,527 sqm mixed-use office and industrial building, and has also unconditionally exchanged contracts on the sale of Jarrrestrasse 8-10 in Hamburg, a fully let 5,488 sqm office building, with completion set to take place in early August.
The FTSE 250-listed firm said the properties offered limited asset management opportunities and no longer aligned with the forward-looking strategy for its portfolio.
CLS noted that they were sold at a discount of roughly 10% below the 31 December 2024 valuations and at an average net initial yield of 6.4%.
Proceeds from the sale will be used to pay down debt, and with the recent completion of the sale of Spring Mews Student in the UK for £101.1m, CLS's pro-forma loan-to-value ratio will reduce from 50.7% at year-end to 47.0%.
As of 0830 BST, CLS shares were up 3.42% at 72.50p.
Reporting by Iain Gilbert at Sharecast.com
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