CLS updates on further sales progress

CLS announces that it has sold or unconditionally exchanged on the sale of two further properties for a total of £10.7 million, at an average discount of 5.0% below 31 December 2023 valuations.  

• Aqueous II, Aston Cross Business Park, Birmingham is a 35,992 sq. ft (3,344 sqm) office building constructed 1996, completed on 5 June.  

• Hansastrasse, Dortmund, a 42,902 sq. ft (3,986 sqm) office building originally constructed 1957, unconditionally exchanged on 29 May with completion targeted for early July.  

As previously announced, the completion of the sale of Quatuor in Paris for €11.1 million, 2.8% ahead of the June 2023 valuation, completed on 14 May and the sale of Westminster Tower in London for £40.8 million, in-line with its 31 December 2023 valuation, completed on 7 June with half of the sale proceeds received and the remainder deferred for three months.  

The sales process for Spring Mews Student (PBSA) has generated significant interest and we have received first stage bids from several parties that we are currently analysing.  

Fredrik Widlund, Chief Executive Officer of CLS, commented: “We remain focused on having the highest quality, sustainable, modern offices in our locations. Both properties recently sold were part of previous portfolio acquisitions and no longer align with our strategic objectives. We have significant opportunities in our portfolio and the disposals are in line with our previously announced strategy to reduce leverage in preparation for growth.”