CLS Holdings plc announces that it has sold Chancel House, Neasden Lane, NW10 and Chorus in Antibes, France.
Chancel House has been sold to the Department of Communities and Local Government on behalf of the Education Funding Agency (the “EFA”) for €21m (£18.7m), 39% above its valuation at 31 December 2015.
Chancel House comprises 7,081m² of office space with 189 on-site car parking spaces. 56% of the building is income-producing from Trillium on behalf of the Department of Works and Pensions until March 2018 and, with 44% of the property vacant, the sales price represents a net initial yield of 3.3%.
The disposal was agreed in early September and concluded in less than six weeks, and the EFA has acquired the site to provide educational services in the London Borough of Brent.
Following the announcement in the half year results of the exchange of contracts to sell 4,421m² office building located in the commercial area of Nova Antipolis in Antibes, France, CLS has duly completed the transaction at a price of €9.4m, 2.4% above its valuation at 31 December 2015.
Fredrik Widlund, Chief Executive Officer of CLS, commented: “Chancel House and Chorus presented opportunities to realise immediate value and to refine our portfolio. Their sales are in line with our strategy and unlock capital that can be reinvested in higher yielding opportunities elsewhere.”
