CLS Holdings PLC CLS announces 30-year lease in Essen, Germany (4436E)
30 Junio 2023 - 1:00AM
UK Regulatory
TIDMCLI
RNS Number : 4436E
CLS Holdings PLC
30 June 2023
PRESS RELEASE
Release date: 30 June 2023
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")
CLS leases 17,400 sqm for 30 years in Essen, Germany
CLS announces that it has signed a 30-year lease with the City
of Essen (the "City") at The Brix, Kruppstrasse 16, Essen for
17,400 sqm (187,292 sq. ft). The lease also benefits from being
index linked.
Located in the central business district, The Brix offers an
exceptional location with superb access to local and regional
transportation networks. The property is situated just 500 meters
from Essen's central train station and close to several major roads
connecting the Ruhr area. Essen, known as one of Germany's greenest
cities, has attracted substantial investment in infrastructure,
culture and education in recent years.
As part of the Group's Sustainability Strategy, and in agreement
with the City, CLS will spend EUR20 million over the next three
years to substantially improve the building. This ambitious project
will include a host of energy efficiency, sustainability, and
wellbeing initiatives, providing the City with high quality and
flexible workspace, in compliance with the EU taxonomy.
The current occupier's tenancy agreement will end on 31 July
2024, and the construction and improvements programme will begin in
August 2024, with estimated completion in mid-2025. The Brix was
acquired by CLS in April 2021 with 28% vacancy and it is now fully
let following the above letting.
This deal highlights CLS' commitment to transforming existing
properties into future ready high-quality, sustainable offices that
will meet demanding standards. Additionally, with the new lease and
the planned improvements, the asset is estimated to generate a
substantial increase in value between now and practical
completion.
Fredrik Widlund, Chief Executive Officer of CLS, commented:
"This is one of the largest-ever leases for CLS in Germany and a
fantastic achievement for the team. Together with the City of
Essen, we have committed to invest in a comprehensive refurbishment
programme in line with our strategy to operate modern and
sustainable offices of the highest quality.
Demand for the right office space remains strong in Germany,
highlighting the significant advantages of having our dedicated,
in-house asset management team with local expertise working to
enhance our property portfolio.
We look forward to working with the City of Essen and to welcome
its employees and citizens to The Brix."
-ends-
For further information, please contact:
CLS Holdings plc
(LEI: 213800A357TKB2TD9U78)
www.clsholdings.com
Fredrik Widlund, Chief Executive Officer
Andrew Kirkman, Chief Financial Officer
+44 (0)20 7582 7766
Liberum Capital Limited
Richard Crawley
Jamie Richards
+44 (0)20 3100 2222
Panmure Gordon
Hugh Rich
+44 (0)20 7886 2733
Berenberg
Matthew Armitt
Richard Bootle
+44 (0)20 3207 7800
Edelman Smithfield (Financial PR)
Alex Simmons
Hastings Tarrant
+44 (0)20 3047 2546
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END
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