CLS Holdings disposes of Swedish property

19th Feb 2016 07:52

(ShareCast News) - CLS Holdings has exchanged contracts to sell its Vänerparken property in Sweden for SEK590m (£48.8m) to privately-owned real estate company Bengt Linden AB.The 418,813 sq ft mixed-use property comprises offices and education, and leisure and healthcare facilities on which leases were renewed in 2015.CLS received a non-refundable deposit of SEK25m on exchange of contracts, and completion is due by 1 May.Excluding costs, the sale - which the group said will allow it to focus on opportunities in the UK, Germany and France - represents an 11% uplift over the external valuation at the end of June.Executive chairman Sten Mortstedt said: "Since its purchase in 1998, the property has made a strong contribution to the cash flow of the group and its sale reflects our strategy of long-term investment in key European property markets and opportunistic portfolio management."