CLS' vacancy rate hits record low

19th Nov 2014 10:19

Favourable market conditions in London and France saw property management company CLS Holdings registered a record low vacancy rate.The firm said the vacancy rate across the group reduced to 3.1% by rental income from 3.5% since the end of June, adding that demand from existing and potential occupiers remained steady, with strong interest in the British capital and over the Channel."Continuing signs of resilience in the UK economy, both in London and elsewhere, bode well for CLS," group chief executive Sten Mortstedt said in a statement."I am particularly pleased that our group vacancy rate has been reduced to its lowest ever level, a result of the persistent implementation of our successful strategy across Europe."Morstedt added that the group's mixed-use development at Spring Mews in London was completed on time and budget, while the project at Clifford's Inn, also located in the British capital, will be completed later in November."The group's core activities are performing well, cash generation is strong and our cost of debt remains low," Mortstedt said."With a strong balance sheet, low vacancies and our rental income predominantly secured by high quality tenants, including governments and major corporations, we remain well positioned to meet future challenges with confidence."Our financial resources, and our opportunistic and selective investment approach, will enable us to continue to invest in assets which add value to the group and to our shareholders."CLS shares were down 0.07% to 1,339.00p at 14:55 on Wednesday.