CLS Holdings plc (LON: CLS) announced today that it has unconditionally exchanged contracts to sell Ateliers Victoires in Paris for €42 million. Completion of the sale is expected before the end of September 2019.
Ateliers Victoires, with 2,000 sqm (21,500 sq ft) of modern office space over eight floors at 48 Rue Croix des Petits Champs, 75001 Paris, France, was recently redeveloped by CLS’s in-house development team to provide high quality office space with a double height entrance hall and the upper floor offering exceptional panoramic views across Paris.
The building was fully let to Epoka, a leading consultancy in corporate communications, HR and marketing.
The sale price was 21.4% above the 31 December 2018 valuation and reflected a net initial yield of 3%.
Commenting on the sale, Fredrik Widlund, Chief Executive Officer of CLS Holdings, said:
“This disposal is a demonstration of our capital discipline and asset management expertise. While we are long-term investors in Paris, we are opportunistic in our approach to realising value. The proceeds will give us additional resources to reinvest in properties across our key markets.”
