CLS Holdings PLC

Regulatory Filings • Apr 15, 2024

National Storage Mechanism | Additional information

RNS Number : 5270K

CLS Holdings PLC

15 April 2024

PRESS RELEASE

Release date:               15 April 2024 

Embargoed until:           07:00 am 

CLS Holdings plc ("CLS" or the "Group")

CLS announces the sale of Westminster Tower

CLS announces that it has conditionally exchanged on the sale of Westminster Tower, Albert Embankment, for £40.8 million, in-line with its 31 December 2023 valuation. Completion is expected in Q2 2024.

The asset was sold to the London Square Group, which intends to convert the property from an office space into residential. The property benefits from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors, with views overlooking the River Thames and Westminster.

JLL advised CLS on the transaction.

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"We remain focused on having the highest quality, sustainable, modern offices in our locations. Westminster Tower was no longer suitable for the modern office tenants we look to service, but is a prime opportunity for residential conversion, and I wish London Square all the success with the conversion. The disposal is in line with our strategy to reduce leverage and we will continue to pursue potential disposals in the months ahead."

-ends-

For further information, please contact:

CLS Holdings plc

(LEI: 213800A357TKB2TD9U78)

www.clsholdings.com

Fredrik Widlund, Chief Executive Officer

Andrew Kirkman, Chief Financial Officer

+44 (0)20 7582 7766

Liberum Capital Limited

Richard Crawley

Jamie Richards

+44 (0)20 3100 2222

Panmure Gordon

Hugh Rich

+44 (0)20 7886 2733

Berenberg

Matthew Armitt

Richard Bootle

+44 (0) 203 207 7800

Edelman Smithfield (Financial PR)

Alex Simmons 

Hastings Tarrant

+44 (0)20 3047 2546

Registered in England No. 2714781. Registered Office as above.                                

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISEAFLDFEXLEFA