The Board of CLS Holdings plc (CLS) is pleased to announce the sale by its wholly owned subsidiary Citadel Holdings plc of Le 41 building in La Défense, Paris for 22.3 million (15.3 million).
The property comprising 6,026 m² (64,864 sq ft) and fully let to IBM until December 2004, was purchased by CLS in 1998 for 11.7 million (7.4 million) and was valued as at 30 June 2005 at 21.4 million (14.7 million). The property had been vacant for 12 months following the departure of IBM and was purchased by the financial accounting firm, Fiducial, for its own occupation.
Executive Chairman, Sten Mortstedt, commented: We are delighted to have sold this property at a very attractive price. The property has yielded excellent returns over our period of ownership and after this sale the vacancy rate of our French portfolio is just 3.0 per cent.
Source: CLS Holdings